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Paris, Saturday-Sunday, August 13-14, 1994 


Blues in White House 


After a Series of Disappointments, 
Clinton Sorely Needed a Big Victory 


By R. W. Apple Jr. 

New York Tima Service 

WASHINGTON — From President 
Bill Ointon’s point of view, the anting 
could hardly have been more wretched. 

Jug! when he needed to start building 
: momentum for votes on health-care legis- 
lation, just , when his party n eeded a vic- 
tory beading into the elections this fall, 
iost when the White House staff needed to 
have its spirits lifted after the blow it took 
last week with the change of Whitewater 
prosecutors* something else went wrong. . 

Already sorely tried by Whitewater and 
health-care problems, already .confronted 
with a bleak political outlook, the fTimfon . 
administration was staggered Thursday 
night by a procedural defeat that may. 
have -doomed, the crime wn ) whose pas- 
sage it had taken for granted just a month 
ago. 

“It's as if someone upset a beehive 
around here," said a gloomy White House 
aide. “Every time we stick our heads up, 
we get stung." . 

It was a nasty defeat, and Mr. Ointon 
made little effort to hide the pain. As he 
conceded, “I worked my heart out and did 
everything I could." 

It Was not enough. 

On any number of levels, the Demo- 
crats were set bade with a jolt. And yet. as 
Mr. Ointon marveled at an i mpromp tu 
news conference on Thursday evening, 58 
House Democrats voted against their 
leadership and against Mr. CHnton. They 
voted with toe Republican leadership and 
with the National Rifle Association, 
whose influence the administration, be- 
lieved it had begun to subdue. 

Unless the biff can be revived, the Dem- 
ocratic candidates for the Senate^ the 
House and major state offices will be de- 
prived of semethingmost of them —and 


the president — ardently sought; a 
legislative accomplishment for which they 
conki claim credit as a demonstration that 
their party, however soft on crime it might 
have been, had changed its spots. 

That, of course, is a development wel- 
comed by toe Republicans^ not only for 
1994 but also for 1996. Most polls show 
crime as the primary concern on voters’ 
mrnds thi$ summer. 

But toe impact on the prospects for the 
health-care legislation, on whichthepresi- 

' - NEWS ANALYSIS 

dent has pinne d so many hopes, both 
substantive and political, may prove to be 
wen greater. 

The outcome could have been reversed 
by a change of only eight votes, and the 
realization that they could not be obtained 
cast something of a pall over toe Demo- 
cratic leadership. Some Democratic mem- 
bers spoke grimy of toe need to guard 
against defeatism. 

, The vote showed, furthermore, that the 
arrival of Leon E. Panetta as chief of staff 
has hot yet galvanized toe White House 
operation on Capitol HU. 

Mr. Panetta, a former representative 
fr om California^ a q nfnt^yntifll . Capit ol 
HU1 man for more.tLan IS years, worked 
the corridors, made toe calls, predicted a 
narrow victory and then failed to pull it 
out — even with the president reportedly 
making last-minute appeals. 

Clearly, President Clinton lades the 
kind of clout that would enable him, by 
threat and promise, to bring into line 
members of Congress who threaten to 
cross bun. 

With his hold on toe electorate waning, 
his influence in . Congress, never great, 
wanes too. 



Aide’s Remark Adds 
To Berlusconi Woes 

Minister Apologises After Blaming 
\ Jewish Lobby’ for Plunge of Lira 


By Alan Cowell 

New York Time Service 

ROME — With his right-wing coalition 
tom by internal bickering and the lira 
rumbling on the money markets. Prime 
Minister Silvio Berlusconi suffered a new 
embarrassment Friday by a cabinet minis- 
ter’s accusation that “New York’s Jewish 
lobby" was behind the fall of the currency. 

Labor Minister Gemente Mastella is- 
sued a formal apology after several news- 





lia.wi I lAtf-fri-w 

A grim Mr. Clinton leaving the White House on Friday for Minneapolis. 


New Wave of Refugees Is on the Move in Rwanda 


- -By J&yaKHt d Bonoer . . 

- ■ New YtxkTtoei St**ti'. - ■ . 

RUBENGERA, Rwanda — On foot, 
with bags of sorghum and sewing ma- 
chines balanced on their heads, on bicycles 
and in stolen cars loaded with looted 

r ds, thousands of Rwandans are fleeing 
French safehavenind heading toward 
Bukavu, Zaire. 

They are Hunt, and they are being 
pushed by a general fear of toe Tutsi-led 
Rwanda Patriotic Front, the former rebel 
army that is now toe government; by re- 
ports that Front soldiers are kffltng Hutu 
refugees who return to their villages, and 
by widespread: lawlessness in a region 
where there is no government these days. 
It is the exodus that toe international 


refief comaumity, aiukrsusiJjyn million 
refugees in Gcatfc had been hoping -to 
avmd, and relief organizations and the 
United Nations are scrambling to reassure 
tbepcople that they need not flee. 

Tito International Committee of toe Red 
Cross delivered 17 tons-of food to Ruben- 
gem on Friday, but food may not be 
enough for people who are worried more 
about their security. As the Red Cross 
truck entered the village, another large 
truck, which had a sticker plastered on toe 
door indicating that it had once been hired 
by another international relief organiza- 
tion, was taking fleeing people oul 

And as toe French prepare to depart in 
10 days, they are trying to persuade toe 
local population that it should stay. 


“There are more people being murdered 
m Bukavu by the Zairian soldiers, the old 
Rwandan army and toe militia than in the 
humanitarian zone," Colonel Patrice Sar- 
tre, toe commander of French forces in the 
northern sector of the humanitarian zone, 
said during a meeting Friday morning in 
this dingy, agricultural village. 

Last month, some 300 refugees fled 
across the border into Bukavu. following 
the remnants of the defeated government. 
There are as estimated 2 million people 
now in the French safe haven, about half 
of them already refugees from other areas 
of toe country. While an exodus like that 
which occurred into Goma, when just 
about everyone in northwestern Rwanda 
fled, seems unlikely, discussions with peo- 


ple in the zone during the .last 10 days 
leaves one with the impression inat very 
few are committed to remaining. 

The United Nations has been trying to 
get the new government in Kigali to com- 
mit to keeping troops out of the French 

See RWANDA Page 5 


papers reported toathe had made the re- 
mark. Tne World Jewish Congress 
denounced the comment as “grotesque 
and reprehensible.” 

Mr. Berlusconi sought to reassure Ital- 
ians in a television address Friday night. 
“Things in Italy have never gone so well," 
toe prime minister said, making no refer- 
ence to toe latest problem for his faltering 
government. 

“I would feel more comfortable if there 
was more harmony in the statements made 
by members of the government," Mr. Ber- 
lusconi said. “What is important is that 
today there should be responsible behavior 
by all the allies.” 

In an interview published Friday in toe 
International Herald Tribune, Mr. Berlus- 
coni complained of unfair treatment by toe 
national and international press and by a 
“part of the financial elite.*' 

The Mastella incident, however, spelled 
further woes for Mr. Berlusconi, a media 
magnate turned politician, whose meteoric 
rise to power in March elections has been 
rapidly undermined by the spectacle of his 
government’s lurching from one crisis to 
another, unable to assert its authority. 

The lack of confidence in a government 
that seems divided on a range of issues has 
been reflected most dramatically on the 
money markets. 

The lira slumped to a record low of 
1,032.5 to toe German mark before dosing 
at 1 ,027.85, amid what dealers described as 
panicky selling of Italian bonds and 
shares. (Article. Page 7) 

“Italians asked us to govern, not to 
fight” said Pierferdinando Casini. the 
leader of the Christian Democratic Center. 
3 small faction of former Christian Demo- 
crats that campaigned for the March vote 
along with Mr. Berlusconi’s Forza Italia 
(Go, Italy) party. “Instead, many of the 
partners are being irresponsible 

He was referring primarily to frequent 
assaults on Mr. Berlusconi by one of his 
principal coalition partners. Umberto 


From Worker-Hero to Wheeler-Dealer 


By Kevin Murphy 

IiumownDl Herald Tribune 

SHANGHAI —China's official labor unions, once largely a 
vchidc to keep weaken in line, now find themselves squeezed 


ttauttvaitu an uiv mviw t/j # ~ ~ 

to cam a place in the mw and unlrieadfy^vironuieiit* the 
Shanghai unio ns are. turning to freo* mark et tactics such as 
running their own businesses and ma nag i n g investment port- 

Fundedby a2 percent levy on payrolls, the Shanghai Trade 
Union Council .has moved away from h andin g out production 
medals to woito-heroea among its 5 million members to the 
b ii«nftpc of r unning 26 hotels and num e ro us service industries. 

This building of a capitalist empire by unions mayjprovide 
more jobs, but it also raises questions about conflicts of 
interest that have ted many, foreign manners, to discourage 
official union membership by their employees. 

- "They face a. major challenge if they want to be anything 
more tour a big business that caHs itsdf a trade wnonT said 


John Kanun, a China business consultant and . human rights 
lobbyist based in Hong Kong. “There is a strong reluctance by 
many foreign investors to Iettoem in.” 

“From both a b usiness and human rights point of view there 
are serious doubts as to whether China's official unions can 
play a genuine rote as an honest broker." said Mr. Kamm. 

T raditionally both judge and jury in shop-floor rulings, 
China’s unions are finding it difficult to adapt to an era where 
labor and management may be adversaries rather than one and 
toe same as in c ommunis t theories. 

Much of the money raised by union dues remains under the 
control of 18,000 local branches, according to Zhu Guoqing, a 
vice department chief with toe council. 

The balance has gone toward creating service-sector jobs 
- and investing in unprofitable enterprises “with a future." 


“We have established a career agency and stepped up efforts 
to export labor to other countries.” said Mr. Zhu, whose 
organization now employs 10.000 workers in various busine&s- 

See LABOR, Page 5 


At Paris Opera? the Same Old Sour Notes 



By David Stevens 

International Herald Tribune 

PARIS -r— In another bum of publicity 
of the kind toe Paris Optra coaid do with- 
out, its -music director, Myuag-Whun 
Chung, was dismissed Friday in a dispute 
over renegotiation of his contract. ; . 

The action occurred just before rehears- 
als were scheduled to begin for toe new 
production of Verdi’s “Simon Boecane- 
gra.” which will open the season SepL 19. 

The dismissal of toe 41-ycar-oW Kore- 
an-bom oonduoor was ihe latest upheaval 
Vo the turbulence that has beset the compar 

it 

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ny «***»► before the Opera Bastille opened 
in 1989, on toe 200th a nni vers ar y of toe 
French Revolution. It also comes during a 
period of transition that emphasizes the 
heavy hand of jpditics in the operation of 
France'* principal open and ballet com- 
pany. 

For most of toe last half-century, this 
state cultural institution, more than 300 
years old, has been a laughingstock on an 
international JeveL Much erf this is a result 
of turbulent labor relations, with frequent 
strikes and sometimes long periods of tnao- 
tivity. An endemic lack of long-range plan- 
ning made it hard to attract leading arusts 
and drove many leading French singers to 
. appear more abroad than at home. For the 
public, toe lavish old Opto, toe Palais 
Gamier, and its ceiling painting by Marc 
Chagall were more of an attraction than 
-what happened on stage. 

The period since toe opening of toe 
Opto Bastille has been particularly trou- 
bled, with frequent high-level hirings and 
firings, technical problems with the new 
' theater, and even disaster, when chorus 
members were killed and injured in an 
onstage accident in Seville. Spain. Mr. 


Chung, music director since toe Bastille 
opened in 1989, has seemed to be toe only 
bright spot in sight 

One exception to this dreary record was 
the 1970s. when Rolf Liebermaim, veteran 
director of the Hamburg State Opera, wok 
the Paris Opto in hand, bringing profes- 
sional planning, outstanding productions 
and star performers. His assistant then was 
Hugues Gall, and the hope now is that Mr. 
Gaff, who takes over as director in 1995, 
will be toe man to pul toe floundering 
Opto Bastille on course. 

On Friday, Jean-Paul Guzel, interim 
administrator pending the arrival of Mr. 
Gall, said Mr. Chung had “rejected" pro- 
posed modifications of his contract. 
“Management is saddened that Mr. 
Chung, whose work with the orchestra and 
chorus is well known, did not want to 
pursue this work," the company said in a 
statement. 

“Management proposals aimed to clari- 
fy in particular the artistic role of the 
musical director in the light of the new 

See OPERA, Page 5 


J>< Oim R.nir> 

BASEBALL STRIKE BEGINS — Fans at Oriole Park waiting glumly 
for Baltimore to start play against the Boston Red Sox in what could turn 
out to have been the curtain closer of the 1994 baseball season. Page 16. 


Kiosk 

Veterans Agree to Parachute Into Sea 

PARIS(Reutcrs) — U.S. Army veter- 
■E331EE* ans of World War II have agreed to 
™ Down 5 parachute into toe sea to commemorate 
:X 17.81 0.14% r.r. the 1944 Allied landing on the Riviera 

376071 "f- 115 35 . ; after their plan to jump on land was 
«■ »>r . wv.Z-'T'Jl turned down for safety grounds, the 

head of the group said Friday. 

TTTtejDollar Ffl 006g Drwta*ciMg Ken Shaker said four veterans 3 C- 
om 15512 V56 cepted a Defense Ministry proposal to 

Pound Ti465 1.5473 drop them into the Bay of Cavalaire. 

y^; 100I7 100125 near Saint Tropez, on Monday. A boat 


The Dollar 

N«« ttrt. 


Down 

0.14% 

115.36 


rfou&Ow» 

1.56 

1.5473 

100.125 


5^355 will await each jumper. 


Bossi. toe leader of toe separatist-minded 
Northern League. 

In recent weeks, Mr. Bossi has clashed 
loudly with the Italian leader on a whole 
array of issues, including Mr. Berlusconis 
continued personal ownership of a televi- 
sion and advertising empire, toe prime 
minister’s efforts to curb graft inquiries 
and a controversial government advertis- 
ing campaign on state television. 

“Berlusconi should not be prime minis- 
ter," Mr. Bossi said last week in as inflam- 
matory comment on his supposed ally. 
“How can a pian with so much economic 
power be at toe head of a government?” 

Mr. Berlusconi’s standing has been fur- 
ther damaged by judicial inquiries into 
executives from his Fininvest corporation, 
who have come under investigation for 
puportedly bribing the tax police, toe 
Guardia di Finanza, to secure favorable 
audits of their books. Mr. Berlusconi’s 
younger brother, Paolo, is awaiting trial on 
corruption charges. 

Mr. Berlusconi publicly acknowledged 
in toe interview with toe International 
Herald Tribune that his company had paid 
bribes to tax officials, but he said they were 
“ridiculously small." 

He said he had “no personal involve- 
ment” in toe affair and condemned bribes. 

The infighting, however — and conse- 
quent speculation about toe government’s 
ability to survive — has stripped away the 
effusive market confidence that first greet- 
ed Mr. Berlusconi’s rise to power from toe 
ranks of Italy’s business elite. 

On Thursday, the Bank of Italy raised 
its discount rate from 7 to 7.5 percent in an 
attempt to reverse the lira's nosedive, but 
the move seemed to have produced only 
further criticism of the government for 
failing to redeem its promises to heal the 
debt-laden economy. 

Shares and government bonds also lost 
value on Friday as dealers fled Italian 
holdings. 

In this crisis atmosphere, Mr. Mastella, 
toe If or minister, seemed only to add to 
therJLubles Thursday when he explained 
the ft.. Vs full in part by telling reporters: 
“ThApresence of the National Alliance in 
the government worries New York’s Jew- 
ish lobby." 

The National Alliance is based on the 
neo-Fascist Italian Social Movement led 
by Gianfranco Fini, another of toe main 
coalition partners. It controls five govern- 
ment ministries. 

Mr. Mastella. a member of toe Christian 
Democratic Center, said. “We should ex- 
plain to Jewish high finance that Fini is 
increasingly distant from a nostalgic 
right.’’ 

In the political lexicon here, toe word 
“nostalgia" denotes a yearning to return to 
Mussolini’s values. 

Muslims Join 
Vatican’s Stand 
On Population 

By John Lancaster 

Washington Past Sernce 

CAIRO — Islamic leaders have begun 
to line up with toe Vatican in condemning 
a landmark United Nations document on 
population and development, asserting 
that it condones extramarital sex, homo- 
sexuality, abortion and possibly prostitu- 
tion. 

A1 Azhar University, the world’s most 
prestigious center of Islamic learning, said 
in a statement that parts of toe document 
offended Islam and called on Muslims to 
press for amendment during a major UN 
conference on population issues in Cairo 
next month. 

Iran’s Islamic government also raised 
objections. 

Both toe UN document and toe Cairo 
conference are aimed at pushing countries 
to view population issues with new urgen- 
cy. The draft examines strategies for stabi- 
lizing toe world’s population, expected to 
grow by 3 billion people by the year 2030. 

Two billion of those people will be bom 
in the world's poorest countries, many of 
whose inhabitants are Muslim. 

The document’s supporters, including 
the Clinton administration, fear that such 
opposition by leaders of two of the world’s 
most powerful religions could prevent con- 
sensus at the conference, which they view 
as crucial to heading off global environ- 
mental and social catastrophes caused by 
rapid population growth. 

The draft document, which encom- 
passes such topics as women's rights and 
teenage sexuality, was bound to be contro- 
versial in toe socially conservative Muslim 
world. 

But U.S. officials involved in drafting its 
language said toe Islamic opposition also 
reflects Pope John Paul II’s efforts to mo- 
bilize the world's major religions against 
what toe Vatican has described as a pre- 
scription for easy abortion and promiscui- 
ty- 

officials contend that the document 
does not advocate abortion but seeks a 
broad-based approach to population stabi- 
lization through improvements in toe edu- 

See ISLAM. Page 5 


rrvft •'•■y - 7 , 






Page 2 


** 



Singer’s Aggressive Creed for Life as a Nonwhite Briton world bri efs 


By Richard W. Stevenson 

.Vm' York Times Seniee 

LONDON — Growing up in nonhem Eng- 
and, the son of Pakistani immig rants, Haq 
Newaz Qureshi always had the vague feeling that 
be had committed some kind of wrong by not 
bang born white, by not being really English. 

“All the time I’d be apologizing,'' said Mr. 
Qureshi, 3 1 . Td be saying, ‘Oh, I don’t eat curry. 
I love fish and chips.' You couldn't even go by 
your own name because people said it was too 


hard to pronounce." 

Mr. Qureshi is not apologizing anymore. As 


leader of a popular rap group, Fun-Da-Mental, 
he has given voice to the growing frustrations 
and anger felt by young, nonwhite people in a 
Britain they say remains racked by racism. 

And in doing so, he and his partner in the 
group, Dave watts, 33, the son of immigrants 
from Barbados, seem to be searching, like many 
other nonwhite people of their generation, for a 
sense of racial identity in a country that is 94.5 
percent white. 

Unlike their parents and grandparents, who 
came here in waves in the 1960s and "70s from 
Pakistan, Bangladesh, Jamaica and other Third 


World countries, the second and third genera- 
tions see no reason to turn the other cheek when 
confronted with the racial attacks and taunts 
that are common in inner cities and some 
suburbs. 

The police recorded 9,762 racial incidents in 
England and Wales in the 12 months through 
March of this year, up 26 percent over the 
previous year. 

Indeed, in a sharp change in the dynamics of 
race relations, second- and third-generation ini- 
migrants are becoming more active in communi- 
ty groups and politics, and advocating, as Fun- 


Da-Memal's music does, physical violence in 
ks by 


self-defense against attacks by neo-Nazis and 
other white racists. 

“ft’s not aggressive — it's a basic human 
hr," Mr. Qureshi said in his record company’s 
office in the melting pot neighborhood of Not- 
ting Hill in West London. “No matter wfaatcolor 
you are, if you’re getting beat up, you’re going to 
fight back to protect yourself. Every government 
does it" 

Growing up in Bradford Mr. Qureshi, like a 
lot of immigrant children, informally took an 
English name — in his case, Peter — because 


English people told him bis real name was too 
hard for them to pronounce. 

“A lot of our parents came here because they 
wanted security for their children" said Mr. 
Qureshi, whose father was a bus conductor in 
Bradford after coming to England in 1964. 

“Obviously they concentrated on working, 
and there were pressures on them just to survive. 
My parents when they came across here carried 
the colonial brainwashing. They were always 
being tolerant, very tolerant, and apologizing for 
bring here and trying to assimilate within a 
culture that didn't really mean anything to 
them.” 

After leaving school at 15, Mr. Qureshi played 
in seveikl punk-rock bands, read widely and 
developed an increasingly radical political 
consciousness. 

He helped form Fun-Da-Mental several years 
ago and stuck with it as the band fractured and 
then regrouped last year. Throughout, he and 
Mr. Watts have infused the music with an anger 
that has drawn considerable attention from both 
white and black audiences. 

The group’s message has been getting a wider 
airing as their recent album, “Seize the Time," 


which will be released in the United States next 
month by Atlantic Records, has brakp into the 
Top 10 in the last month on the British alterna- 
tive-music charts. 

Mr. Qureshi, who goes by the stage name 
Propa-Gandhi, and Mr. Watts, who goes by 
Impi-D, open the song “Dogtribe" from the 
album with a recording of a threatening message 
a white supremacist left on the answering ma- 
chine of a group called Youth Against Racism in 
Europe. 

Then they sing: 

There comes a time when enough L enough,- - 

Afro- Caribbean^ Asians together is tuff. 

Our defense is on attack, minds are made up. . 

Bodies are fightin’ back. Self-defense is no 
offense. 

And we’re ready, ready for the collision with die 
apposition. 

It won’t be a suicide mission. 

And me thing about me. Pm not afraid to die . • 

If their hard-edged music reflects a growing 
sense among nonwhites that they have little 
choice but to abandon traditional passiveness, it 
also reflects a broader and complicated effort to 
find an identity that transcends their Britishness. 


Extremiste 

&££ French nadonafc 2«v e 

are KnWri to Islamic extremism- In a statemen puousiKw 
^ « French 

Israel and FLO Begin Border Talks 

•i. : Mil the Palestine Libc 




Socialist 
Set to Cut 
Spending 
In Holland 


Return 

THE HAGUE — Finance 
Minister Wim Kok looked cer- 
tain on Friday to become the 
Netherlands' third Socialist 
prime minister since the war 
when his draft coalition accord 
moved into its final stages. 

The new cabinet, which must 
present the 1995 budget to Par- 
liament on Sept 20, will be 
committed to pruning public 
spending by more than 18 bil- 
lion guilders ($10 billion) over 
the next four years. 

The proposed savings will be 
coupled with modest cuts in tax 
and social security payments 
aimed at stimulating job 
growth. 

In June, the Organization for 
Economic Cooperation and 
Development in a report urged 
the newly elected Dutch gov- 
ernment to “better balance so- 
cial equity and economic effi- 
ciency’ through a “wide- 
ranging reform" of its labor 
market and welfare system. It 
cited an overall tax burden that 
is one of the highest in Europe 
and a level of unemployment 
broadly measured at 26 percent. 

Mr. Kok now has the prime 
minister post firmly in his sights 
after his polity blueprint was 
approved late Thursday by 
leaders of the three new coali- 
tion partners — Mr. Kok’s La- 
bor Party, the conservative lib- 
erals and the leftist D66. 

Once legislators from the 



Rofiqnr Rabmas/Rcutas 

STREET JUSTICE — Islamic activists marching in Dhaka. Bangladesh, on Friday demanding the return of die feminist author Tastima Nasrin, 
who has taken refuge in Sweden. The radicals called on Muslims in Sweden to help in the campaign to bring “the infidel back to our country.” 




w & — — authority would sol 

the crossing at the Egyptian frontier. ... 

The senior Palestinian negotiator, Nabd Shaath, metwtn me 
Israeli police minister, Moshe Shataal, andsnd becag^ the 
Palestmamto take control of the Rafah border CT °^S f rom 
Egypt within two weeks. “We me here to streaming 

JroSdures at the borders, to make lifeeaaer for the Palestinians, 

arrangements for the 

border post to Palestinians would be complete by Thursday. We 
will receive the border post the week after, he added. 


Court’s Sentence a Scandal, Kohl Says 

BONN (Reuters) — Chancellor Helmut Kohl has hardily 
criticized a German court for giving a suspended salience to a far- 
right leader, saying the detison was scandalous and unacceptable, 
a German newspaper reported Friday. p . . . , 

Mr Kohl told the daily Bfld Zcatung m an interview to be 
published Sanrrday that action should be taken against the 
Mannheim court, which gave Ghnter Decker!, the leader of the 
far-rieht National Democratic Party, a one-year suspended term 
and al 0,000 mark (S6300) fine for denying that the Holocaust 
took place. 


Official Defends Japan War Record 


TOKYO (AP) — Japan did not intend to invade Asian nations 
in World War II, but its occupation benefited the countries. & 
cabinet minister said Friday, setting off a new furor over Japan s 
attitude toward the war. , 

Shfn Sakurai, the director-general of the Environment Agency, 
retracted his comments. But they brought an immediate protest 
from South Korea, one of the countries Japan occupied. 

At a news conference Friday, Mr. Sakurai said of World War U: 
“It was not a war which we maria with the intention of invading. 
It's not true that Japan was the only bad one. Although we caused 
trouble for Asian nations, it was thanks to that that they were able 
to become independent. And education also spread, so that the 
literacy rate is far higher than in African countries controlled by 
Europe." 


sat 




Israelis Said to Rebnft Iraqi Gesture 


Malaysia to Let Sect’s Leader Return, if He Relents 


The Associated Press 

KUALA LUMPUR — The 
Malaysian government has of- 
fered amnesty to the leader of a 
banned Islamic sect if he re- 
nounces his teachings and re- 
tii.ns from self-imposed exile in 
Ja Ian, news reports said Fri- 


Malaysia may send emissar- 
ies to Jordan to persuade 
Abuya Ashaari Muhammad to 
come back and repudiate his 
teachings, which the govern- 


ment says are deviationist and 
contrary to mainstream Islam, 
the newspaper The Star report- 
ed. 

The sect, Al Arqam. was out- 
lawed Aug. 5, and all its 40 
communes and 237 schools 
were declared illegal. The 
group's 100,000 members were 
forbidden from preaching, and 
other Malaysians were told not 
to associate with them. 

The controversy centers on 
Mr. Ashaari's claim, reiterated 


three parties approve the 55- 
page text, Mr. Kok, a former 


in an interview published Fri- 
day, that he has spoken to Mo- 
hammed. the founder of Islam. 

In a related development, the 
police accused Al Arqam of lur- 
ing local Muslim young men to 
communes in Thailand, Uzbek- 
istan and the Philippines. The 
group denied the accusation as 
“without proof." 

In an interview in The Star, 
Abdul Hamid Othman, deputy 
minister in the prime minister's 
office, said the government 


would not prosecute Mr. 
Ashaari if he agreed to help 
“rehabilitate" his followers. 


it might take the government 
years to reform Al Arqam mem- 
bers on its own, but with Mr. 
Ashaari's aid it could be done 
faster, Mr. Hamid said. But Mr. 
Ashaari “should not come back 
as if he was leading a govern- 
ment-in-exile,” he added. 


The government is also willing 


to register Al Arqam as a legal 
Islamic movement, he said. 

Mr. Ashaari denies spreading 
deviationist teachings and says 
he will return on his own soon. 
The government has not sought 
to press charges against him 
pending legal advice from its 
advocate general. 

Prime Minister Mahathir bin 
Mohamad has denied sugges- 
tions that the ban might have 
been motivated to crash Mr. 
Ashaari as a political threat. 


JERUSALEM (AFP) — Iraq has made an offer to start a 
dialogue with Israel, but Prime Ministe r Yitzhak Rabin turned it 
down, Israeli television reported Friday. 

The broadcast said Deputy Prime Minister Tariq Aziz had 
passed a message via the ambassadors of two United Nations 
Security Council members, including Morocco, to Israel's repre- 
sentative at the United Nations, Gaad YaeobL 
The message called Tor the two states “to open a new chapter," 
stressing lhai President Saddam^ Hussein no longer considered 
Israel an enemy country since the signing of the autonomy accord 
with the Palestinians. There was no confirmation of the report 


trade union leader, will begin 
the process of distributing the 


Mass Grave Found at Moscow Zoo 

MOSCOW (AP) — Not far from crowds presang around i 
animal cages at the dty zoo. a construction crew has dug up a mass 
grave of human akmls and bones that officials -said Friday 
appeared to date from the S talin era. 

The workers dug up the remains of at least 10 bodies and said 
some of tire skulls'had single bullet fades — a trademark of the 
NKVD secret police, the notorious forerunner of the KGB. 

Digging at the ate. intended to be a new bear cage, was halted 
Friday. But some workers remained to show their find to journal- 
ists. Some officials think the site might have been used to bury 
victims of the terror unleashed by Stalin in the 1 930s. Many mass 
graves have been uncovered in recent years. 


.acre 


m iis 


expected 14 cabinet seats. 
Labor wants i 


i the prime minis- 
ter’s post and four other minis- 
terial posts. The Liberals expect 
to have five seats in the cabinet 
and the D66 four. 

The Netherlands has been 
governed by the center-left cab- 
inet of Ruud Lubbers since the 
inconclusive May elections. Mr. 
Lubbers’s Christian Democrats 
were rejected by voters for initi- 
ating unpopular social security 
measures. 

Labor emerged from the elec- 
tions with 37 seals in the 150- 
seat lower chamber of the 
States- General, the Christian 
Democrats with 34, the Liberals 
31 and D66 24. 

The final stages of the coali- 
tion talks center on a radical 
shake-up of public funding for 
higher education and planned 
curbs on health care, stale pen- 
sions and child benefit. 

Labor and Liberal party 
members are divided on how lb 
cut spending. 


or • • rtl m T7 „ /* Tp7 1-1 graves have been uncovered in recent years. 

German Socialists Promise Tax Cuts, Except for Wealthy Malaria Reported Near Pa™ Airport 


Reuters 


BONN — The opposition Social Democratic Party 
tried to lure voters away from Chancellor Helmut 
Kohl's government Friday by promising quick and 
massive tax cuts if they win October’s general election. 

Oskar Lafontaine, tipped as the next finance minis- 
ter if the Social Democrats win the Oct. 16 vote, said 
his party would launch a program to tax the wealthy 
and ease burdens on others. 

“The SPD is planning the biggest program of tax 
cuts for average wage earners and families in the 
history of the Federal Republic of Germany," he said 
at a news conference. 

The plan was announced as the party slipped further 
behind Mr. Kohl in opinion polls. 

The Social Democrats’ program of lax cuts would 


involve around 75 billion Deutsche marks l$48bUIion) 
for the middle and lower classes, which would be 
financed by raising taxes for the wealthy and scrap- 
ping some tax write-offs for families. 

Mr. Lafontaine ruled out a rise in value-added taxes 
to help finance the cuts, but he left the door open for a 
later increase in gasoline taxes. 

On taking office; a Social Democratic government 
would scrap Mr. Kohl’s so-called “solidarity tax," a 
7-5 percent surcharge on income tax bills due in 
January, and would replace it with a 10 percent sur- 
charge on tax bills for high-wage earners. 

The surcharge would hit. individuals earning more 
than 60,000 marks a year or couples with a combined 
income of 120,000 marks. 

The party argues that the solidarity tax is unfair 


because self-employed professionals such as doctors, 
lawyers and owners erf small businesses do not pay it 

“Kohl’s government has conducted a tax policy for . 
the minority for 12 years," Mr. Lafontaine said. “We 
are going to make policy for the majority." 

The Social Democratic program would take place in 
three steps: 

First, the party would scrap the solidarity tax and 
introduce a tax on the wealthy. Then, family payments 
would be raised to 250 marks a month per child and 
compensated for by scrapping a tax exemption for 
families with children. 

Lastly, the party would introduce a series of tax cuts 
for low and middle wage earners after 1996, when a 
court-ordered exemption from income tax bills for 
people living below the poverty level goes into effect 


PARIS (AFP) — Mosquitos brought into France aboard im- 
properly disinfected airplanes have caused three cases of malaria, 
one fatal, in the area near lire Charles de Gaulle International 
Airport outside Paris since the beginning of the month, medical 
sources said Friday. 

Two people contracted the illness Aug. 1 at their home near the 
airport One of the two, a woman, died. Hie other is in a hospital 
in Paris. On Thursday, an airport employee who lives near the 
airport fell 31. 

None of the three victims bad recently traveled to malaria- 
infected areas, the local health department said. 


Correction 


French Gambling Figure Dies at 71 


UNIVERSITY DEGREE 

BACHELOR'S • HASiete • DOCTORATE 
Far Work Ufa ^xtAcariBrri: Expoionco 
Though Corvenkrt Heme Stuty 
(310) 471-0306 ext 23 
Fbc (310) 471-6456 



Fat or send (touted reams for 
FREE EVALUATION 


Pacific Western Universfty, 
2875 S. King Street Honolulu. W 96826 


Sew York Times Service 

Jean- Dominique Fratoni, 71, 
a casino operator who once 
promised to make Nice the Las 
Vegas of the Riviera and who 
laLer fled France to avoid jaiL 
died Aug 5 in Lugano, 

The cause of death was can- 
cer, the newspaper Nice-Matin 
reported. 

During the 1970s, Mr. Fra- 
toni. with the protection of a 

dose friend, Mayor Jacques 
M6decin of Nice, was a power- 
ful figure on the Cdte d’Azur. 
At one time, he controlled casi- 
nos in Sainte-Maxime. Saini- 


Rapha8L, Juan-1 es- Pins, Men- 
ton and Nice itself. 

The press called Mr. Fratoni 
the Napolfcon of the green ta- 
bles; to friends in politics and in 
the milieu, as the Riviera's crim- 
inal underground is known, he 
was Jean-Do. 

In 1978, Mr. Fratoni was 
convicted of fraud and was sen- 
tenced to a year in prison. 

But he slipped out of France, 
going to Switzerland in 1980, 
then to the Dominican Repub- 
lic, Paraguay, Spain, and back 
to Switzerland. In 1987. Swit- 
zerland turned down the last of 
several French requests for his 
extradition. 


Peter Cushing Dies at 81; 
Actor Played Frankenstein 

New York Times Service 


Peter Cushing, 81, a British 
actor who chilled a generation 
of Filmgoers as the evil Baron 
Frankenstein, died Thursday in 
a hospice in Canterbury, Eng- 
land. The cause was cancer. The 
Associated Press reported. 

Mr. Cushing portrayed the 
mad scientist Baron Franken- 
stein in films like “Franken- 
stein and the Monster from 
Hell” and “Frankenstein Creat- 
ed Woman." His film roles also 
included Count Dracula. 


Both Bickering Pilot and Co-PUot 
WiUBe Charged in Korea Crash 


The Associated Press 

SEOUL — A pilot and co-pilot who blamed each other for 
a crash that destroyed their Korean Air jetliner will be 
charged with causing the accident by quarreling during the 
landing, an official said Friday. 

AD 152 passengers and 8 crew members escaped shortly 
before the Airbus A-300 blew up Wednesday after skidding 
off a runway on the southern resort island of Cheju. 

The pilot. Captain Barry Edward Woods of Canada, and 
the coMritot, Chung Chan Kyu of South Korea, will be 
charged with negligence, a police official said. The two were 
released Thursday after two days of questioning- 

The police said the pilot hod insisted on landing w hile the 
co-pilot, fearful that the airliner would overshoot the runway, 
trial to intervene. In the str ug gle to control the plane, it 
skidded and rammed a safety barricade. 


In the fasting of weekend events marking the Allied l anding s in 
Provence 50 years ago that was published in Friday's editions, an 
incorrect time was given for the memorial ceremony Monday al 
the Rhone American Cemetery in Dragui gnan. The correct time is 


TRAVEL UPDATE 


British Commuters Brave Rail Strike 


LONDON (Reuters) — Weary Britons stru ggl ed to work on 
Friday as &gnal workers extended the strikes that have periodical- 
ly. disrupted rail services for nine weeks. 

The strikes over pay and conditions were to resume on Monday 
and Tuesday, meaning weekend services would be affected. Brit- 
ish Rafl said it could offer about 30 percent of normal services. 

Ra Otrack, set up to run tracks and si gnals for British Rail has 
been using management personnel in the signal boxes during the 
dispute. The union rqected a proposal to hold a new strike ballot 
Tourists Mid residents fled as forest fires Mazed through sooth* 
em Corsica on Friday. Fanned by high winds, the fires, which 
have killed a woman, regained intensity after a brief luH The 
hamlets of Arraggio, Palavese and Rxnaggiolu and several camp- 
sites were evacuated. Sections of roads between the ports of 
Bomfacao and Porto Veodrio were closed. (Reuters) 


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EVTEjRIVATIOINAL HERALD TRIBUNE, SATTODAY-SUNDAY, AUGUST 13-14, 1994 


Page 3 


'CAS/ 



* POLITICAL VOTES* 


Judge and Senator Explain ‘Power Lunch* 


. WASHINGTON’-;— At. the time he and two other jn rWc 
were deciding who would handle a politically sensitive inves- 
tigation of President Bill; Clinton, Appeals Court Judge 
David; B-. SenteDe' met on Capitol Hill with a conservative 
Republican who led efforts to remove' Robert B. Fiske Jr, as 
the Whitewater special; counsel- 

Judge Sen teUeand, Senator Lauch Fairdoth, Republican 
of Nocth ‘Carolina, who: share roots in home-state Republi- 
can pdfitics, confirmed that they met for I unch in mid-July, a 
time when indgeSentellewas considering whetber Mr. Fiske 
./Would bepennanenlly appointed the independent counsel in 
theWWtewatercase. Legal experts questioned the wisdom of 
the luncheon meetingin view of the matter’s political implica- 
tions. r- 

Mr. -Ftske's sudden removal a week ago by the panel 
treaded by Judge.-Semelle. stunned the While House and 
Demo^rc memfers of Congress and led to new charges of 
partisanship in. the conduct of the Whitewater inquiry. The 
partisan fight escalated wdth; the paneTs appointment of 
.KenpetivW.; Starr, an active Republican anti U.S. solicitor 
general in thfrReagari and Bush administrations. 

. Judge SehteHe and Senator Fairdoth say that they did not 
discus Mn; Fiske jduring the lunch. According to Judge 
SeutbUe.-the; two joined Senator Jesse Helms, Republican of 
North Carolina, for a lunch in which they talked about 
Western wear,- obi friends, and prostate problems. 

But romconr-wbo saw SenatorFairdoth and Judge Sen- 
fdle board a tram' underneath the Capitol complex said the 
■two were involved in an "animated’’. discussion in which 
Senator Fairdoth did most "of the talking. V { WP ) 


Back to:Up ‘Rough and Tumble’ for Mikva 


WASHINGTON — In installing Abner.. Mikva, a promi- 
nent former lawmaker who is now a federal judge, as his new 
White House counsel. President B31 Clinton has.tumed once 
a g a in , to. a piDar of official Washington — - a man who said 
recently that he was “too old, too white, too male and too 
liberaT-* ever to be named to the Supreme Court. 

Mr. Mikva, a ruddy. 68-year-old Chicagoan, will return to 
the political wars through the unusual step of surrendering a 
lifetraeappomtment on the bench ' — he is chief judge of the 
U.S. Court of Appeals for the District, of 'Columbia — to 
enter service in the executive branch at an age when .many 
men have already retired: " 

■fiy tfae end- of next month, he will have been Judge Mikva 
for . 15. years, long enough to guarantee a pension at full 
judicial salary. But he now knows that he . will never be 
“Justice Mikva.*' ... - (NYT) 


WMto House Craefcs Down on Gifts, Etc. 


" WASHINGTON — The White House says political em- • 
ptoyees can no longei accept gifts or trips from companies, 
theylregulate, even if they , later repay toe. companies. The 
move is part of anew effort by the administration to distance' 
itself from the ethics problems of Agriculture Secretary. Mike 


U.S. Warns American Boaters Against Helping Cubans 


■ WASHINGTON — Attorney General Janet 
Reno pledged Friday that strong action, includ- 
ing the seizure of American vessels, would be 
taken against boat owners trying to help Cubans 
flee then: island. 

Ms. Reno said in a television interview that 
those Cubans coming on their own to the United 
States would be allowed to enter the country 
under the lema-standing easy immigration policy 
for Cubans. But she wanted Cuban exiles and 
others in the United States not to try to help 
Cubans, flee. 

She said that Florida and the federal govern- 
ment did not want a repeat of the Mari el boatlif t 
in 1 980, when the Cuban president, Fidel Castro, 
let thousands of prisoners and mental patients go 
to the United States; 


“We will take steps, all steps prudent, to see 
that doesn't happen ” she said. 

“Those who come here will enter the country." 
Ms. Reno said. “But what we want to do is to Jet 
people know — don't go south to pick up peo- 
ple.** She said the Coast Guard may stop boats 
that are going south, and “if they have probable 
cause to believe that there is violation of law. 
they will lake appropriate action and seize the 
vessel." 

“It is time that we make sure that we don't 
play into Castro’s hands and let there be a repeat 
of Marie],” she said. 

So far this year, 5, 345 Cubans have arrived in 
the United States after leaving on boats or rafts. 

On Thursday, U.S. Customs officers arrested 
three Cub an- Americans accused of piloting a 


boat to Cuba to pick up 22 people and bring 
them back to Florida, 

The administration “derided we needed to 
send a clear message that we were serious" about 
stopping it, a senior US. official said. 

Ms. Reno’s remarks revealed the anxiety with- 
in the Clinton administration over the possibility 
of another Mariel boatlift 

The administration's actions also follow Cu- 
ban complaints after four hijackings of vessels in 
Cuba in the Last two weeks by people who made 
the 90-mile (145-kilometer) run to Florida. 

Mr. Castro has said he ought lower barriers to 
immigration if the hijackings continued. 

In Havana, Mr. Castro went on televirion late 
Thursday for the second time in a week to 
demand that the United States change its policy 
of granting automatic asylum to Cubans, which 
he claimed encouraged illegal exiles. 


Cuba wants the United States to allow more 
refugees into the country legally, noting that the 
maximum 20.000 annual U.S. immigration quota 
is rarely if ever filled. 

“We continue to demand that they put an end 
to this policy," Mr. Castro told a panel of jour- 
nalists in an appearance lasting more than 90 
minutes. 

He contended that “massive emigration" was 
inevitable since he said U.S. policy had invited iL 

Administration officials held discussions 
Thursday with Cuban-American leaders and re- 
main convinced that Cuban exiles support the 
policy of resisting crossings to Cuba. 

In Miami, Cuban-American leaders continued 
to call for calm, urging (heir constituents not to 
leap into boats for the ride to Cuba to rescue 
family or friends. (Reiners, WP, NYT) 



ijol N.nmiiA/The Awocuw pic*, the i'residio's 1 ,480 acres pvo Declares,), out n wui pay me pax 
WOODSTOCK HIGH —A fan “crowd surfing” Friday as the anniversary rock concert in New York state began, service $12 million in rent and other fees. ap. syt. Rem 


Away From Politics 

a A federal grand jury indicted an anti-abortion extremist on 
charges of violating the new federal clime-protection law by 
fatally shooting a Florida abortion doctor and his escort- Paul J. 
Hill is already charged with two stale counts of murder. 

• Shannon Faulkner’s bid to become the first woman cadet at 
The Citadel, in Charleston, South Carolina, has been delayed by 
a federal appeals court. 

• The man who ratted on a rat IriDer is the target of revenge. 
Police said a dead baby muskrat, nailed to a wooden cross, was 
left on the lawn of Lee Bernstein, the executive director of the 
American Humane Societies of New Jersey. Mr. Bernstein had 

two complaints of anim al cruelty against Frank Baiun, 
who killed a rat that was eating his tomato plants. 

• The youngest of four teenagers charged with murdering a 
British tourist at a highway rest stop in northern Florida has 
pleaded “no contest" to a reduced charge and will testify against 
the others. Cedric Green, 14, agreed to the plea. 

• A UJ5. fishing vessel was seized by Canadian officials For 
allegedly fishing for flounder illegally inside Canadian waters 
off Newfoundland. An official of the Canadian Fisheries De- 
partment said the captain of the Galicia 1 had been arrested 

• A 13-year-old hoy has died after swimming in the Rio Grande, 
U.S. health officials said in Laredo, Texas. The boy absorbed 
water containing a fatal amoeba spawned by pollution. 

• The army's plan n> N«n4 over its Presidio installation overlook- 
ing San Francisco Bay to the National Park Service has been 
modified. The army will also continue to occupv one-third of 
the Presidio’s 1 ,480 acres (596 hectares), but it will pay the park 
service $12 million in rent and other fees. ap. syt. Reuters 


Battered House Democrats Put Health Reform Debate on Hold 


'•-i. -r. Z. '■ 

' : v’i 

it ' -■ 


Officials also said President Bill Clinton believed that Mr. 
Espy had made “some errors in judgment" by . accepting 
transportation, lodging and tickets to sporting events from 
companies regulated by his department, including Tyson. 
Foods Iric. ' . " _ (WP). 

QlHfcto/UnqWOt* ; y 

\ Senator William V. Roth Jr.. Republican of Delaware, in a 

* fund-raising appeal sent in the guise of a letter from his pet . 
dog, Th on- "Beings St, Bernard;! I know 1 the value .of good * 
■Tyftcding^VfiOT , I , fifsri^l ^■Senator, I knew he j^th'epicfc; 
of ike litter. Heisateoe xtie mri y Smart ana obedient.’’ f WFb 

• .-■•wvk-’ 7 rin 


By David S. Broder 
and Spencer Rich 

Washington Peat Service 

WASHINGTON — House 
Democratic leaders, shaken by 
(heir unexpected defeat on the 
eriny? bill, have announced a 
delay of indefinite duration in 
taking up health care reform. 

The House speaker. Thomas 
S. Foley of Washington, said 
that the House would stay in 
'session ibext -week - but would 


work on other matters, includ- 
ing a second effort to pass the 
cruse bill. He refused to specu- 
late on when the health care 
measure might be debated. 

“I want to do it as soon as 
possible," he said after a strate- 
gy session Thursday following 
the setback on the crime bill, 
“but I don't know when it will 
be.” 

-With Republicans threaten- 
ing slowdown tactics in the Sen- 


ate as well, the whole timetable 
for health care legislation ap- 
peared to be in jeopardy. Even 
after bills are passed by the 
House and Senate, they must be 
reconciled by a conference 
committee and then repassed in 
both houses. Congress plans to 
adjourn in less than two 
months, 

Mr. Foley blamed the delay 
in the House on the time needed 
by the Congressional Budget 


Office to estimate the cost s of 
four major health bills awaiting 
House consideration. The bills 
were completed, in some cases, 
only Wednesday night. 

But (he derision, following 
the loss on (he crime bill and the 
emergence of a bipartisan, con- 
servative health bill that could 
gain majority support on the 
House floor, suggested deep 
concern by the Democratic 
leaders about the fate of the 


measure backed by President 
Bill Clinton. 

Mr. Clinton, appearing at the 
White House late Thursday, 
said that “health care is not 
going to take a vacation" and 
that Congress ought to continue 
work on both the health care 
and crime bills. 

The Senate majority leader, 
George J. Mitchell, said the 
Senate, which began debating 
health care three days ago. 


would continue to plug away at 
the issue. 




Stunned by Rebuff on Grime Bill, an Angry Clinton Vows to Try Again 


ConqHkd by Oar Staff From Dbp*dm ' 

hflNNEAPOUS.^^lu;^^ 
by the biggest defeat of ffistJre^ - 
idency, President BfiTCbnton 
vowed Friday to resurrect a $33 
billion crime bill, and JiedeEv- - 
ered a blistering attack on law 
makers who voted to km it. . 

. A day after the Hou& voie:- 
sent tremors through the White. 
House, Mr. C^inttin . canceled' 
his Washington sdiedule and 
traveled to MiimeapoKs to ad- 
dress a police convention and 
rally stgjport for his canse. 

He said Republicans and 
even some of his own Demo- . 
crats “walked away" from anti4 
crime measures aimed at fight- * 
Lag the problem that most. 
Americans consider a No. 1 pri- 
ority. ’ ; ;* \ ■ ■; ■ . • 

“Because o£ organized, in- 


tense and highly political pres- 
sure* a majority . walked awjiy, 
away from tbopolice patrolling 
our streets, away from the chil- 
dren 1 end the senior citizens 
afraid to walk on those street,” 
Mr. ClintpxLSaid. 

“We are going to get you a 
crime bffi,” he told theNational 
Association of Police Officers. 

In Washington, the House 
majority leader, Richard A. 
Gephardt, said, the House 
would take up the crimefrill late 
next week, arid. lawmakers dis- 
cussed changin g ari assault- 
-weaporis ban to he^j pass the 
measure through the House. - 
■ The bSl was shelved Thurs- 
day by a coalition of Rcpubh- 
cwtw, anti-gun control Demo- 
crats and blades upset by an 
■expanded death penalty. 


Simpson Judge Won’t Release 
Photos of 2 Slaying Victims 


A move to bring the bill to 
(be floor was defeated, 225 to 
210, with 58 Democrats going 
against their president to derail 
thepackage. 

The speaker of the House, 
Thomas S. Foley. Democrat of 
■Washington, said the lawmak- 
ers would return to the Capitol 
to vote anew on a crime bill. 
“We are going to put this bill 
over the top," he predicted. 

But other legislators were not 
so certain. 

“Anyone who thinks we can 
produce a new crime bill in the 
month remaining is smoking 
something," said Representa- 
tive Charles E. Schumer, Dem- 
ocrat of New York, who had 
steered much of the legislation 
through the House. 

At a breakfast meeting with 
reporters on Friday, Mr. Gep- 
hardt was asked if the biB could 
be passed with the assault- 
weapons ban that sparked a fu- 
rious campaign by the National 
Rifle Association. 


“I think so. but probably not 
the same one,” he said. 

Before he left Washington on 
Friday, 1 Mr. Clinton cnticized 
the legislators who voted to 
keep the bill from reaching the 
floor. Those opposed “decided 
that their political security was 
more important than the per- 
sonal security of the American 
people," he said. 

Poll after poll, he said, 
showed crime is the top worry 
of the American people and “if 
we can’t meet this concern there 
is something badly wrong in 
Washington.” 

After the House vote Thurs- 
day, an angry Mr. Clinton 
caned the procedural move a 
“trick orchestrated by the Na- 
tional Rifle Association, then 
heavily pushed by the Republi- 
can leadership.” 

For Republicans, the vote 
represented a rare chance to set 
back the Democrats on a highly 
charged issue. The House Re- 
publican whip. Newt Gingrich 


The Associated Press 

LOS ANGELES — The 
judge In tire OJ. Simpson. case . 
refused Friday to let reporters 
see- photos of -the murder vie-: 
tim&, saying that “graphic, sen- 
satkmahstic” descriptions of 
the pictures would hurt Mr. 
Simpson's chances for a fair tri- 
al. 

Superior Court Judge* tanw 
A. Ito, in a written ruling, said 
he was keeping sealed a picture 
of Nicole Brown Simpson and 
two photos of Ronald L. Gold- 
man lying mjjooli of blood'. ; 

He did make some photos Of 
evidence . available,, and here-, 
leased the transcript of a closed 
meeting of attorneys July 8 in ' 
which the defense suggested 
that a telephone record showed 


■ that Ms. Simpson /had spoken 
"to her .mother at'K):17 the night 
she wis Ifflted. 

The judge Said reporters de- 
scribing the gruesome photos 
“would paint mental images in 
fiie minds of potential jurors 
that would prej udi ce the right 
to a fair trial to both parties." 

Judge Ito ditiaUowrctoortcrs- 
to review photographs of sever- 
al exhibits used during the pre- 
liminary hearing, including 
gloves,' a knit cap and a shoe 
print 

” The judge' was responding to 
a request from 'news organiza- 
tions to view crime scene photo- 
graphs shown to witnesses dur- 
ing Mr. Simpson's preliminary 
hearing. 


F SALON 


of Georgia, said the Republi- 
cans were prepared to go back 
to conference on Friday. 

The six-year legislation 


AMSTERDAM 

CROSSROADS INTERNA TJONAL CHUR- 
CH ln»nhnom l ntfonal & Evangelcal Sun- 
day Service ID CO am & 11:30 am/ Kite 
Welcome. Do CusereftBai 3, S. Amsterdam 
Mtx 02940-15318 or 025034130 a 
HANNOVER 

NTERNATONAL FELlOWSHF meets a 
LKG. Pfntestr. 7. Ffcst and toW Sundays a 
10m am Aldomiretofts.TeL- 051 1-551846 
KIEV 

INTERNATIONAL CWSTIAN ASSEMBLY 
(AOG) An E«ingeScal1nlHr-denofninalkxial 
Petowertp meefina Sundays rfl 1030 am in 
KteV& CancS of Tracte Unions k*Jtia 16 
KJraschaflk Street Contact Pastor Bdnn 
Etannte (7044) 244-3376 or 3502 
LYON 

LYON CHRISTIAN FELLOWSHIP.1 bis rue 
PJ_ Bemanc. 69100 VOeubanne Sundays 
7M0pjn_TeL723635 92. 

MILAN 

ALL SANTS CIWKHWndCfflVE^raMR. 

dUlng rasBratlan w* mrt aAferte Mz^frm.39. 

Mtono In ttis Ctapol Of S» Oraafeia Instatete. 

Holy Communion Sundays at J 0:30 and 
Wednesday at 1930 Suvfcy SctpaL. YouBi 
Fetowsttp. Crachfl. Cgflee. study groups, 
and commudy activities. Al ara wScomei 
Cal (02)655 2258. 

MUNICH 

INTERNATIONAL COMMUNITY CrtJRCW. 


would also have banned many additional crimes subject to the 
assault-style firearms, provided death penalty and allowed life 
billions for prisons and crime sentences for some third-time 
prevention, made more than 50 felons. (AP. NYT, Reuters) 


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ZURKH-SWTTZERLAND 
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DEAUVILLE 


Theraslenstr.) (069) GQ 45 74. 

MONTE CARLO 

INTL FELLOWSHIP, 9 Rue Louis-Natah. 
Sunday Worship 11:00 & 6 p.m- 
T0L92.ia5&Oa 

PARIS and SUBURBS 
EMMANUEL BAPTIST CHURCH. 56 Rite 
des Bons-Raislns. Ruail-Malmalson. An 
Evangdcal church tor «» EnaBsh speaking 
conununily locaied in the western 
subisbsSS. wa Worship: 1Q45 CrtdteVs 
Church and Nunay. Youfi nau stia a Dr. B.C. 
Thomas, pastor. Call 47.51^9.63 or 
47.49.1529 tor Motmaton. 

HCffE INTBEWTKJNAL CHURCH (Ban- 
□Bfcsl). Sul 930 am. Hotel Orion Mero 1 : 
^tonade to La Dfifensa TeL- 47.735354 
or 47.75.1 427. 

THE CONSERVATIVE JEWISH COMMUM- 
TY m Pate ‘Adath Shatonr IrMtes you to join 
fern tar Rosti Hashwmah and Yon Mppw 

For dstds and reals, phone 45535409 or 
write Adapt Shalom. 22 bis. rue des Bales- 
Fades. 75016 Para. 

THE SCOTS KWX (PRESBYTERIAN) 17. 
tua Bayanl, 75006 Pans. Metro H3 Rooso- 
vel Fam^ service & Sunday School a 1030 
a.m. every Sunday. AH welcome. 
For rtometfon 48 7B47 94. 


SAINT JOSEPH’S CHURCH (Roman 
Catholic). Masses Saturday Evening 
£30 pm, Sunday. 50, amua Hodve. Paris 





8th. Telj 422728.56 Metro: Charles de 
Gauto-Sote- 

SntASBOURG 

ST. ALBAN (Andfcan) at fPgfee des Dcmn- 
catos. Euchast 1030 am comer Btvd. da la 
VTCtOfre & rue Oe ruruveraitri. Strasbourg 
(3^ 88350340. 

TOKYO 

ST. PAUL INTERNATIONAL LUTHERAN 
CHURCH, near Bdafaashi SSn. TeL: 326 T- 
3740. Worship Service: MOam Smlavs. 
TOKYO UNON ChftjnCKnearOmctesarv- 
do subway sta. Tal 340W3047. Worehp ser- 
we® Sunday lOOOajnonV 
USA 

II you wotteftea traeBbtecourae by ntf. 
please wrtjct LTEGUSE de CHRST. Pto. 
tot 5 ia Stearm Irttsra 47»1 USA 


Gangs V or Alma Marcaau 
FLORENCE 

ST. JAMES' CHURCH, SUi 9 am Rka I & 
11 am. Rue II. Via Bernardo RuceBai 9. 
50123, Florence. Italy. TaL 39852944 17. 

FRANKFURT 

CHURCH OF CHRIST THE KING (Efrisco- 
paFAngBcan) Sun. Holy Communion 9 & 11 
am Suidey School and Nursery 10:45 am 
Sebasttsi Van Si 22. 60323 FranMurt. Ger- 
many. U1. 2. 3 MitfueJ-AJIee. Tel: 4&«9 
550184. 

GENEVA 

BMMANUSL CHURCH 1st 3rd & 5Uh Sun. 
10 am Eucharist & 2nd & 4th Sun. Morning 
Prayer. 3 rue ds Manthoux. 1201 Geneva, 
Suteartand. TaL 41 £2 732 80 7a 

MUNICH 

THE CHURCH OF THE ASCENSION. Sin 
11:45 B.m. Holy Eucharist and Sunday 
School Nursery Care oovkted. Saytxdroas- 
S8 4, 81545 Mrirt (Hartachtog). Germany. 
TeL 4089 84 81 85. 

ROME 

ST. PAUL'S WTTHIN-THE-WALLS. Sun. 
830 aun. Holy Eucharist Rite I; 1030 am 
Choral Eucharet Hte 1 1030 am Chuch 
School far cMdran & Nursery cans provkJBflt 1 
pm Spanish EudhatiSl VS Ntoci 58, 00184 
Rome. 

TaL 39E 488 3339 or 39B 474 3S6a 

WATERLOO 

ALL SANTS' CHURCH 1« Sun. 9 & 11:15 
am Holy Eucharist vnh CHdwifc Chapel fit 
11:15. Mother Sundays: 11:15 am Holy Eu- 
etaritil and Sunday SoiooL 5B3 Chaussfe de 
Louvato. Chain, Belgum TflL 3 a 2384 - 355 & 
WIESBADEN 

THE CHURCH OF ST. AUGUSTINE OF 
CANTERBURY. Sun. 10 am Fan* Eutffr 
ret FiarWutiar Strasse a Wiesbmfen, Ger- 

many TeL- 4961 J^tt6&74 

EUROPEAN 

BAPTIST CONVENTION 
BARCELONA 

FAfTH FELLOWSHIP INTERNATIONAL 
inMBarMDam.BcraiNcwBBaplisiChijr- 
rf>CanwdetaCuaideBa*aguer 40 Pastor 
Lares toden.Ph. 439^058. 

RERUN 

INTERNATIONAL BAPTIST CHURCH. 
BERLIN. Rdhenbing Str. 13, (StegRz) BUa 
study 1045. worship at 1200 each Sunday. 
Charles A Wartont Pastor. Tal: 030-774- 
4670 

BONN/KOtN 

■RC INTERNATIONAL BAPTIST CHURCH 
OF BOMWItOLN. Rheinau Skasso 9. Kite. 
Worship TOO p.m Calvin Hogue. Pastor. 
TeL (TE23G1 47021. 


BRATISLAVA 

Bfcte Study in EpgH> 

Pates* Baptist Church ffinshaho 2 1630- 
1745. Contact Pastor Jaap Kutacflt. Tel: 
3167 79 

BREMEN 

NTERNATIONAL BAPTIST CHURCH [En- 
gteh tengusoe) meets at EvangeWHReSrT- 
chSch kreuzgemelnda. Hohemohestrasse 
HermanrvBaBe-Str. (around aw comer tram 
the Bahnfon Sunday worship 17:00 Ernest 
D. Walter, pastor. Tel 04791-12677. 
BUCHAREST 

INTERNATIONAL BAPTIST CHURCH. 
Strada Popa Rusu 22. 330 pm ConteCJ Paa- 
lorMte Kemper, Tel 3123393. 

BUDAPEST 

bterrarionalBartstFelowshlp.1IBkTtoou56 
(main entrance Tapokxarwl u. 7. immedtetely 
behind tort ertrance). 1 030 Btote saxN.BOO 
Pastor Bob ZUriden. TeL 11561 16. 
til. 

BULGARIA 

INTERNATIONAL BAPTIST CHURCH. 
Wbrld Trade Center. 36, Draftan Tzankov 
BJvd. Worship 11:00 Jamas Duke. Pastor. 
TeL: 704367. 

CEL1E/HANNOVER 
INTERNATIONAL BAPTIST CHURCH. 
Wtadmien Strasse 45. Ceie 1300 WboNp. 
1400 BUe Sixty- Pastor Wert CampfaeS, Pk 
(05141) 4641B 

DARMSTADT 

DAIWSTADT/SERSTADT BAPTIST MIS- 
SION Bae study & worship Sunday 1030 
am Stadtmlsecn Da^wretaca. Buasdiehtr. 
22 BMb study 930. worship 10:45. Pastor 
Jm Wteto. TeL Q8155600921& 
DU5SELDORF 

INTERNATIONAL BAPTIST CHURCH. En- 
gteh. s«. 1030. worship 1135. Children's 
church and nursery, hriects al tee Internationa] 
School Leuchlenbuger Kkchweg 2.0Kai- 
sraswate. Friendly tefcwshp. Al denomiro- 
lions welcome. Dr W.J. Delay, Pastor. 
TeL- 021 1/400 157. 

FRANKFURT 

INTERNATIONAL CHRISTIAN FELLOW- 
SHIP Brangetech^ieadrriifcche Gomande, 
Sodeneret. 11-18. 6380 Bad Nomtus. pho- 
ne/Fflae 0617362728 serving tee FrankJul 
and Taunus areas, Germany. Sunday wor- 
Shb 0ft45. nussry + Suid^sc tool 1000. 
women's bUe stories. House^oups - Sun- 
day + WKteesdey 19.30. Pastor M. Levey, 
member Bropean Baptist Conerrina ”Da- 
ctare Hto glory amongst tee nedens." 
BETHEL INTERNATIONAL BAPTIST 
CHURCH, Am Dechsberg 92 FranMurt aM. 
SinSayworehto llOOamand&OOpm..Dr. 

1 ^ WH feS^ 4fl5Ga 

GRACE INTERNATIONAL BAPTIST 
CHURCH. Industrie Sir 11. 6902 Sandhau- 
sen. Btte Etody 0&.45. Wtoretm iiflo. Pastor 
PaJ Herttor. TfiL 0B22ME295. 

HOLLAND 

TWTY BAPTIST ss. 030 WbBhp ioaa 
nursery, warm fellowship. Meets at 
Bloemcamplaan 54 in Wassenaar. 
TeL 01 751-78004. 

MOSCOW 

INTERNATIONAL BAPTIST FELLOWSHIP 
Meemg 1100: Kno Certer Bufefng 15 Dtuz- 
IXuihSifirovsicaya IX. 5te Ftoor. Hal 6. Metro 
Station Barrlradriaua Paster Bad Siamey Ph. 
(095)1503293. 

MUNICH 

WTERNADONAL BAPTIST CHURCH OF 
MUNCH. Hotstr. 9 Engteh Language Ser- 
vices. Stole study 1&00- Worshp service 
17.00. Pastor's phone: 6908534 

PRAGUE 

bUema&onel Bctaist Feiowship meets at the 
Czech Baptist Church Vmohradska S 68. 
Prague 3. At metre stop Jnhoz Podebrad 
Sunday a.m 1l:00 Pasior; Bob Ford 
(02)3110633. 


WUPPERTAL 

tnlemaltonal Bapttet Church. Encash. Ger- 
man, Persian. Worship 1030 am. Seierse. 
31. Wtoppartal ■ BtreiwIcL Al dsnorrinadons 
welcome. Hans-Dieter Fraund. pastor. 
TBL0202M6983S4. 

ZURICH 

INTERNATIONAL BAPTIST CHURCH of 
Wfidenawil (ZOrrch). Switzerland, Paler 
Jenkins Lelgruhenstr. 11 CH-8805 
Rlchterswll. Worshi p Serv ices Sunday 
matings 1 1 flO. TeL- 1 -70028121 

ASSOC OF WTaCHUKKES 
IN EUROPE & MIDEAST 

BERLIN 

AMERICAN CHURCH IN BERLIN, cor. of 
Ctay Atee & Fatsdamer Str, S5. 933 am. 
Worship 11 am TeL 03M1 32021. 

BRUSSELS 

THE INTERNATIONAL PROTESTANT 
CHURCH OF BRUSSELS, Sunday School 
9 3D am and Church 1QA5 a m. Kanartog. 
IS (at the InL School). Tel.: 673.05.81. 
Bus 95l Tram 94. 

COPENHAGEN 

INTERNATIONAL CHURCH o! Copenha- 
gen. 27 Faivargade. Vartw. near RAdhus. 
Study 10:15 & Worship 11:30. Tel: 
31624785. 

FRANKFURT 

TRNTTY LUTHERAN CHURCH. Ntoetonaen 
Atee 54 (Across tan Bug* Haspted). Sn- 
day School ft30. worehp tl am TbL (P6S) 
5S947B or 512552. 

GENEVA 

EV. LUTHERAN CHURCH of Geneva. 20 
rue VflRterw. Sunday worship 930 In Ger- 
manllflOinErigbh ra: (022)31050^9. 

JERUSALEM 

LUTHERAN OftJRCH ri the Redeemer. Old 
City. Muristan Rd EngEfih worship Sun. 9 
am AE are wefcome. TeL (02)281-049. 

LONDON 

AMERICAN OHURCH n London at 79T* 
tanham Cl Rd. Wl. Worship at 900. SS at 

1000 am, Suig worehp ai 1 i am GoodsiB 

SL Titoe; Ttt C71-580 2791 

PARIS 

AMERICAN CHURCH IN PARIS. Wprshp 
111M am 65. Quai rfOrsay. Pans 7. Bus 63 
at door . Metro AtaieMarceau or IrwratteS. 

STOCKHOLM 

IMMANUEL CHURCH. Worehp Oirist in 
Swedish. Engteh. w Korean. 11 00 a.m. 
Sunday Birger Jarlsg ai Kungatensg. 
17. 46/08/ 15 12 25 * 727 tor more 
riormatm 

DRANE 

INTERNATIONAL PROTESTANT ASSO*- 
BLY. werdanomnariDnal & Evaijrfwi. So- 
vie es Sin 1050 iHL5.ro pm. VltedSTO 
pm. ftupa MySym Shyri. Te«F» 35542- 
42372 or 23262. 

VIENNA 

VIENNA 0010*1 UNITY CHURCH. Sunday 
worship in English 11.30 A.M.. Sunday 
setto* nursay. rtemattanal. al denomina- 
temwetoame DomteMigasse Ifi-Viarre 1. 

WARSAW 

WARSAW INTERNATIONAL CHURCH. 
Proiedant En^sh langyage oqsanatas. ate- 
dsys liro am (SspL-May). 10 am 
Aug). Sundav School 955 (Sept-May) UL 
MtttMa21.Tet-43«.70. 

ZURICH 

INTfflNATIONAL PROTESTANT CHURCH 
Enrtsh swakriq. wortehp senrice. Sunday 
School 4 Nursery. Sundays 1 L30 a m.. 
Sctanaangaaro2S TeL- (01)3625525 


l 










/ 


Page 4 


SATURDAY-SUNDAY, AUGUST 13-14, 1994 


f 

;r 


[1 


OPINION 


Heralfc 


INTERNATIONAL 



Sribunc 


ITBI.WHED wmi THK NFW YIIRK TIMES AND THE WASHINGTON POST 


El Salvador’s Fragile Peace 


For years the tiny nation of El Salva- 
J dor preoccupied the United States, much 
as Haiti does now. During the 1980s a 
bloody civil war. exacerbated by cold- 
war rivalries, terrorized the country. 


Paramilitary death squads kidnapped 
wnc 


and murdered anyone who dared to ques- 
tion the far-right government, from stu- 
dents to union members to the clergy, 
including the San Salvador archbishop. 

Since the war ended in 1992. U.S. at- 
tention has flagged; but the peace is frag- 
ile. While the guerrilla opposition, the 
Farabundo Marti National Liberation 
Front, or FMLN, laid down its arms and 
participated in elections earlier this year, 
there is continuing evidence that rightist 
death squads have not been so happy to 
give up their old methods. 

A Truth Co mmis sion established by 
the peace accords released a report in 
March confirming the participation of 
the military, the police and paramilitary 
groups in massacres, torture, political 
kidnappings and other crimes since 1 980. 

Leading FMLN members have been 
murdered this year. Cases of death 
threats, beatings and illegal detention, all 
apparently politically motivated, have 
been reported. An amnesty law passed by 
the National Assembly allowed many re- 
ported perpetrators of brutal human 
rights violations to avoid prosecution. 

A Joint Group was established by the 


government last year to investigate re- 
ports of such abuses. Last week the 
group, made up of die human rights orga- 
nization created by the peace accords, the 
UN observer mission and two govern- 
ment lawyers, released its report. 

It is a cautious document, but it con- 


firms that the pararafliiary death squads 

s m 


remain, though their structures have 
changed. They have become more decen- 
tralized and have branched out into orga- 
nized crime. Members of the current 
armed forces and national police are in- 
volved. The group has refused to make any 
names of suspects public but has released 
a separate, private annex to its report to 
government officials, naming names. 

No true civil society will grow in El 
Salvador until its ordinary ci ti ze n s can 
have confidence that they will not be 
killed, robbed, beaten or intimidated by 


people responsible for law and order. 
One i 


: mandate from the peace accords, 
a thorough investigation of the death 


uad structure, still has not been ful- 
jud 

form, as recommended by the accords. 


squ 

full 


illed. That — along with judicial re- 


tire Truth Commission and the Joint 
Group — is the only way to cleanse 
Salvadoran society of its endemic offi- 
cial corruption. The United States needs 
to keep pressure on the Salvadorans un- 
til the job is truly done. 

— THE NEW YORK TIMES. 


A Flawed Bill Goes Down 


President Bill Clinton suffered a stun- 
ning defeat Thursday when the House of 
Representatives refused to take up the 
crime bill. And, to the apparent surprise 
of the White House, the vote was not 
even close. Only a handful of Republi- 
cans crossed the line to try to save the bill, 
and dozens of Democrats defected. The 
gun lobby had a lot to do with this. Its 
campaign to defeat any measure that in- 
cluded an assault weapons ban succeed- 
ed. But the bill’s opponents cited broader 


Legal representation for defendants fac- 
ing execution. There is now nothing more 
that can be given up to win the support of 
opponents that wfll not drive away more 
votes than are attracted. 

We have long been leery of such block- 
buster crime bills. put together at the end 


of a session. They usually tempt legislators 
opportunities to showboat on 


reasons, from strong opposition to the 
inthebil 


prevention provisions in the bill to dissat- 
isfaction with provisions they view as not 
tough enough on criminals. 

While the vote does not preclude the 
possibility that a revised conference re- 
port can be brought to the floor in what 
remains of this session, chances are slim 
that tampering with language or gutting 
the gun provisions will garner sufficient 
support. The bill’s supporters have al- 


ready given up a great deal. 


conference report would have 
made more than 60 federal crimes death 
penalty offenses. It bad tough provisions 
on repeat offenders and truth in sentenc- 
ing. It had nothing on habeas corpus 
reforms that would have ensured quality 


with all the opportunities 
the issue. The mandatory minim um sen- 
tences enarted in these ei mims rances over 
the years — which send min or nonviolent 
drug offenders to prison for unconsciona- 
bly long terms — are an example of the 
thoughtless, vindictive provisions that aD 
too often win support. 

This year’s bill contained many objec- 
tionable features and appeared to be wor- 
thy of support only for its substantia] aid 
to' local and state law enforcement pro- 
grams, the relatively minor concession au- 
thorized in the case of nonviolent first 
offenders, the money for social services in 
high crime areas and, of critical impor- 
tance, the modest ban on assault weapons. 
These are the features most likely to be cut 
if the conference were to be reopened. 
Sacrifice of these provisions would make it 
a bill that deserved to die. 


— THE WASHINGTON POST. 


The Trouble in Alabama 


Rwanda: The Rule of Law Is Important 


K IGALI, Rwanda — For lack of a modest 
investment in human rights monitors, 
the international community is losing an im- 
portant opportunity. The immediate provi- 
sion of 50 such monitors to Rwanda is criti- 
cally important, both to help achieve national 
reconciliation and to expedite the early re- 
turn of refugees from Zaire and Tanzania. 

On Monday, the United States promised 
important assistance in re-establishing the 
Rwandan judicial system, establishing an in- 
ternational war crimes tribunal and gather- 
ing evidence and preparing cases. John Shat- 
tuck. assistant secretary of state for human 
rights, linked the future of U.S. -Rwandan 
relations to a Him commitment by the Kigali 
government to the rule of law. This construc- 
tive U.S. position must be implemented 
quickly. After all the killin g and suffering, the 
Rwandans will not be preached to or put off 
indefinitely. The cost of such assistance 
would be paltry compared with the vast sums 
being spent for emergency relief. 

An early and serious effort must be made 
to build the capacity of the new Rwandan 
Justice Ministry to investigate and prose- 
cute human rights abuses effectively, bat 
with full respect for due process. 

The credibility of the international com- 


By Theodore E. McGarrick 


many erf those who carried out the massacres. 

The new Rwandan government has of- 
fered a remarkable sign of its commitment to 
a long-term effort to establish rule of law. In a 
letter to the UN secretary-general, Justice 


Minister Alphonse Nkubito stated strong 
support for the establishment of an intema- 


m unity is on precarious ground in Kigali- 
After the horrible massacres touched off by 


military leaders of the former Rwandan 
Army, during which the world stood by pas- 
sively, the extraordinary effort now to rescue 
refugees in Zaire has also brought succor to 


tional tribunal and agreed to hold those ar- 
rested for genoddal crimes under humane 
conditions, deferring the prosecution of such 
persons to an international body. 

But the new government’s patience is limit- 
ed. Mr. Nkubito warned; “We must see dear 
and decisive steps taken by the international 
community toward the prompt formation of 
a tribunal." 

This warning should be heeded. If the 
Rwandan government, driven by internal 
pressures, were to proceed unilaterally in 
prosecuting human rights violators, the cases, 
no matter now carefully prepared and tried, 
would be suspect with the Hutu population. 

Months ago tire rebel Rwanda Patriotic 
Front, now the core of the new government, 
asked that human rights monitors be as- 
signed to Rwanda. To date there are only two 
such monitors, and their ability to move and 
communicate is limited. Fifty monitors 
would be a bare mini mum. They will require 
vehicles, rnmmTiTiicatirms and computers. 

If the families of victims are not to turn to 
indiscriminate vengeance, the international 


community must make a vigorous effort to 
investigate and prosecute cases of abuse. 
Reconciliation requires rule of law and re- 
spect for due process. The involvement of 
the international community is needed to 
give credibility to this process as well as to 
provide advice and resources. 

The early initiation of such an effort is 
also critical to the return of most refugees. 
Rumors are rife of returning refugees being 
killed by soldiers of the new government. 
These rumors are spread by members of the 
former government to keep the refugees 
under their sway in the Zaire camps. 

Indications are that the new government 
intends to respect the human rights of all 
Rwandans. The new justice minister has a 
strong reputation as an advocate of human 
rights. But there is a very real danger of local 
incidents of vengeance. With a sufficient 
number of human rights, monitors in place, 
die internati onal community could work 
with the government to reassure the refu- 
gees that it is safe to return home. 

The costs of such judicial and human 
rights measures are minor next, to those of 
relief and reconstruction. Bat unless we act 
promptl y an human rights, those larger in- 
vestments may be wasted. 


Me 


chairman of the 
Migration Committee of the National Confer- 
ence of Catholic Bishops, is on a fact-finding 
mission in Rwanda. He contributed this com- 
ment to die International Herald Tribune. 


Burundi: Warning Enough to Prevent Disaster 


N EW YORK — As violence 
in Rwanda abates, slaughter 
in adjacent Burundi increases. 
This week, e xtr e mi sts killed 15 


By Eric GQlet and Alison Des Forges 


people in the capital Bujumbura, 
forcing the city to shut down. In 
late July, Tutsi militias killed 


about 200 Hutu in central Burun- 
di A few weeks earlier, Hutu 
militias killed several hundred 
Tutsi in the northeast 

This summer has seen an in- 
crease in the recruiting of militia 
members, the distribution of fire- 
arms to civilians and radio 
broadcasts inciting violence. 
These events mirror what oc- 
curred in Rwanda before the mas- 
sacres began in April. Has Rwan- 
da’s horror taught us nothing? 

As a senior State Department 
official said, “The generosity of 
the American people often ex- 
ceeds their political understand- 
ing.'* That he said, is why the 
United States didn't give $10 
million in May to equip UN 
forces that might have staved off 
the current tragedy and are now 
paying $500 million to save 
Rwandans. And that is why 


America will probably do noth- 
as Burundi disintegrates. 


mg a 

Like Rwanda. Burundi has a 
single language and culture, and 


its population (of about 7 mil- 
lion) is about 85 percent Hutu 
and 15 perc e nt Tutsi 

The Tutsi held mfiitaxy and 
political control from indepen- 
dence in 1962 until 1993, when 
Melchior Ndadaye, a Hutu, was 
elected president But he was 
unable to shake the Tutsi hold 
on the militaiy, and in October 
he was killed by the army during 
a failed coup. 

Immediately afterward, Hutu 
civili ans began killing Tutsi, of- 
ten with the help of government 
officials. The militaiy then re- 
acted without mercy against de- 
fenseless civilians — slaughter- 
ing Hutu even in areas where no 
Tutsi had been killed. 

Faced with escalating massa- 
cres and the loss of international 
aid, the army ordered its soldiers 
back to their barracks after two 
days and let a civilian govern- 
ment resume control. 

A report by the International 
Commission on Human Rights 
Abuses in Burundi concluded 
that up to 50.000 people were 
slaughtered in this violence. The 
report identified many of the 
individuals responsible on both 


sides, yet there has been no ef- 
fort to prosecute them. 

In the absence of government 
action, Bur undians have been 
serving out a rougher form of 
^justice.” Many of the Hutu 
lolled by Tutsi last month had 
been suspected of murdering 
Tutsi in October. 


Having witnessed the carnage 
in Rwanda, 


The United Nations should 
place an embargo on arms sales 
to Burundi jurist that die 
Zairean government halt Hutu 
radio broadcasts from within its 
territory that call for extermi- 
nating the Tutsi And the UN 
Human Rights Commission 
should deploy civilian observers 
throughour Burundi 
B urundi’ s main sponsors — 
the United Stales and the Euro- 


the Burundian Tutsi 
now fear similar massacres. The 
Hutn dread a possible alliance 
between their Tutsi-dominated 


pean Community — helped per- 
) bade off in 


army and the largely Tutsi 
" Fro 


Rwandan Patriotic Front, which 
triumphed in Rwanda. The 
fire there has flooded the 


cease-r 

region with weapons and created 
a pool of angry, defeated Rwan- 
dan Hutu soldiers in Zaire. 

To stem this spiral of fear, the 
Burundian government must 
show that slaughter is not an 
acceptable political strategy. It 
should begin prosecuting sus- 
pected killers, whether Hutu or 
Tutsi civilian or militaiy. 

If the government makes im- 
partial efforts to bring murder- 
ers to justice, extremist political 
leaders might be persuaded to 
dismantle their militias. 


suade the military to bade oft in 
October. Now they must insist 
that all assistance to the country 
and its military be conditioned 
on the prosecution of human 
rights offenders and other re- 
forms, including setting up a ci- 
vilian police force independent 
of the military. 

Violence in Rwanda has often 
been echoed by killings in Burun- 
di and vice versa. Given dear 
warning signals, the United Na- 
tions should act now to prevent 
an expensive disaster later; 


Mr. Gillet is a consultant to the 
International Federation of Hu- 
man Rights. Ms. Des Forges is a 
consultant to Human Rights 
Watch. They contributed this com- 
ment to The New York Times. 


The rural town of Wedowee, Alabama, 
has erupted twice in racial disturbances 
this year. First the high school principaL 
Hulond Humphries, shocked the nation 
with remarks about interracial dating and 
by calling a student of mixed race a 
“mistake” of her parents. 

Now the Randolph County High 
School itself stands gutted by fire, 
declared arson by local officials and a 
federal investigative team. 

Each episode has brought a prompt 
and appropriate federal response. It now 
will be up to the Justice Department and. 
if necessary, the federal courts to main- 
tain the pressure already generated. They 
roust finally fence this pocket of resis- 
tance to comply fully with desegregation 
decrees a quarter-century old. 

After Mr. Humphries’ outburst the Jus- 
tice Department moved appropriately to 
reopen the county’s longstanding school 
desegregation lawsuit, demanding the 
prinapal’s transfer and a plan to change 
the sdiool system’s racially hostile envi- 
ronment Last weekend, as black residents 
and Ku Klux Klansmen both prepared 
rallies, the school was torched. A task 
fence of FBI and Treasury agents respond- 
ed to help local forces investigate the fire. 

The principal’s crude remarks, and his 
insulting threat to cancel the high school 
prom to prevent interracial dating, sent 
federal attorneys to their files. There they 
found Randolph County’s schools mired 
in their segregated history, unwilling to 
hire and promote black teachers and staff 
or even to hire more than a handful of 
black bus drivers. Mr. Humphries was 
but the embodiment of a sick system. 

As the fire's embers were cooling, the 
school board wrote the federal court in 
Montgomery that things were changing 
in Wedowee. Mr. Humphries has been 
reassigned. A black first-grade teacher 
has been promoted to assistant principaL 
A biradal faculty committee has been 
appointed to hear student grievances. 

These concessions persuaded the Jus- 
tice Department to continue negotiations 


mid postpone a court hearing on its mo- 
tion for temporary orders against the 
school board. Some of these steps hold 
promise for better schooling and belter 
race relations. 

One disturbing feature, though, is that 
Mr. Humphries’s reassignment is to over- 
see the physical rebuilding of the scbooL 
though the board agreed that he must 
stay away from the site even in perfor- 
mance of those duties. That in itself 
seems impractical; but the assignment 
seems grossly inappropriate, given that 
Mr. Humphries, as the living symbol of 
local racial intolerance, would remain in 
a highly visible, centrally important post 

Is this just a way for a school board 
largely sympathetic to Mr. Humphries to 
help him retain a role in the school sys- 
tem? No one should lose a career over his 
beliefs; but Mr. Humphries, acting as a 
school official actively promoted racial 
intolerance and tried to deprive students 
of their rights. 

Wedowee’s highest school officials are 
now learning to clean up their language 
with conciliatory talk about “the commu- 
nity’s willingness to change.” A thorough 
exploration of Mr. Humphries’s fitness 
for any educational post would be strong 
evidence of that change. 

— THE NEW YORK TIMES. 


Selective Engagement, or 



Other Comment 


W ashington — Edward 

Mortimer writes in the Fi- 
nancial Times that from afar in 
London he thought U-S. foreign 
policy was looking up. but that 
when he got up close in Washing- 
ton recently, he was shocked to 
discover that criticism of Bill 
Clinton’s international perfor- 
mance had become widespread 
and scathing and was intruding 
upon his domestic prestige. 

Mr. Mortimer put his finger on 
a defining contradiction of the 
Washington moment. Mr. Gin- 
ton can boast easily demonstrable 
success in the economy and at the 
least a principled pursuit of 
health care reform, as well as 
signs of foreign policy steadying 
— engagement with Russia and 
China, good trips to Europe, con- 
sensus on Bosnia, Middle East 
progress, trade agreements. 

Yet especially for his foreign 
policy, the president suffers low- 
to-middling standing in public 
and press opinion. Whitewater, 
his personal travails and the talk- 
show tattoo hardly seem enough 
to make the difference. 

Well, he bas bobbled. Circum- 


By Stephen S. Rosenfeld 


stances have been unpromising. 
The foreign policy establish- 
ment’s snobbishness toward a 
country boy has been in evidence. 
Republicans have been partisan. 

Take the criticism that emanat- 
ed from the collected globe-twirt- 
ers of the Republican Party at its 
recent “idea week.” James Baker, 
George Bush’s secretary of state, 
briefly commended Mr. Gin ton’s 
work an Russia, the Middle East 
and trade. He then lavished atten- 
tion on the stumbles: Haiti, Korea, 
China. There's “no overall sense of 
direction ... and no sense of con- 
sistency,” said Mr. Baker. “There 
is a tendency to view foreign poli- 
cy through the lens of domestic 
politics . . . and a seeming inabil- 
ity to understand the importance 
of American leadership.” 

To hear Mr. Baker, who — if we 
are going to get down and dirty — 
let Yugoslavia disintegrate, let 
North Korea go nuclear, let Haiti’s 
elected president be ousted: to 
hear Mr. Baker take out after Mr. 
Clinton on issues of post-Cold 
War disorder marks a memorable 


triumph of nostalgia and partisan- 
ship over reality and good sense. 

Then to read, from Mr. Morti- 
mers account of his own chat with 
Mr. Baker, that Mr. Baker thinks 
America should look at the world 
with a beady eye and practice “se- 
lective engagement” : What is that 
but a fancy name for a policy 
otherwise disntissable as having 
“no overall sense of direc- 


tion ... no sense of consistency?” 
local 


The truth is that the new gl 
clutter is harder to get a handle on 
than the old Cold War threat The 
American people, unconvinced 
that “vital” interests are at stake, 
are plainly reluctant to pay much 
of a cost regardless of which par- 
ty is in power. 

Mr. Bush brought his finely 
honed Cold War habits to the 
task, fell dismally short in key 
instants and dumped his failures 
— Bosnia, Haiti, Korea — upon 
his successor. Mr. Clinton 
brought to office an untested dis- 


position to spin off what used to 
be called “Third World” issues to 


the United Nations. He then 


Toward Israeli-Syrian Peace Why the Stakes Are So High in Algeria 

Th« hftpinmnTCnf * T<»l Aviv-HiimasniiC » ^ 


The beginnings of a Tel Aviv- Damascus 
entente will still take weeks, if not months. 
Nonetheless, certain tremors are percepti- 
ble — and they bode welL Official televi- 
sion showed images of the Aqaba meeting 
between King Hussein and Yitzhak Rabin 
and the inauguration of the Israeli-Jordan 
border crossing. President Hafez Assad is 
slowly preparing Syrian public opinion for 
“D-Day,” when Syria will undertake a 
concrete step toward peace with IsraeL 
— Le Monde (Paris). 



International Herald Tribune 

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P hiladelphia — After 
North Korea, what foreign 
crisis poses the greatest danger to 
the United States? My candidate 
is Algeria. Algeria may lack the 
drama of nuclear weapons, be- 
sieged cities, or masses of starving 
refugees. But what happens in 
this country of 28 million may 
have vast implications for Europe 
and the Middle East. 

Algeria is the battleground 
where a radical utopian ideology, 
that of fundamentalist Islam, has 
the best chance to seize power. 
This has led to virtual civil war. 

In their campaign to take pow- 
er, fundamentalists have resorted 
to brutal intimidation. Hundreds 
of leading figures — intellectuals, 
politicians and journalists — have 
fallen victim to violence, as have 
thousands of ordinary Algerians. 
A campaign of murder against for- 
eigners has forced nearly every 
Westerner to flee. The economy is 
failing, public services are hobbled 
and the regime is in jeopardy. 

A fundamentalist Muslim vic- 
tory would almost certainly lead 
to more violence, both domestic 
(to break internal opposition) 
and foreign (to dominate North 
Africa). This would spark an exo- 
dus of nonfundamentalists. Al- 
ready, some 2,500 Algerian refu- 
gees are fleeing each month to 
France. Hundreds of thousands 
more would follow a fundamen- 
talist takeover. When the new 


By Daniel Pipes 


leaders export the revolution to 
Tunisia and Morocco, the refu- 
gees may number in the millions. 

The mood in Western Europe 
is such that an Algerian refugee 
influx could provoke a reaction- 
ary backlash. This could bring 
far-right governments to power, 
governments whose polarizing 
policies could exacerbate existing 
social tensions. European leaders 
fear this might pose a threat to the 
Atlantic alliance 

Chancellor Helmut Kohl of 
Germany asserted this year that 
“the rise of Islamic fundamental- 
ism in North Africa is the major 
threat” to Europe today. Prune 
Minister Edouard Ballad nr of 
France has called a fundamental- 
ist revolution in Algeria the lead- 
ingthreat facing his country. 

The success of an Islamic Re- 
public of Algeria would immeasur- 
ably boost the morale and re- 
sources of fundamentalism in the 
Middle East This would have spe- 
cial importance for Egypt, proba- 
bly giving Muslim radicals the 
boost they need to overturn the 
regime of Hosro Mubarak. 

Fundamentalist rule in Cairo 
would have a profound impact on 
the Middle EasL Egypt would re- 
turn to the rejectionist ca mp , de- 
termined p gtin to eradicate the 
Jewish state. The country’: s arsenal 


of missiles and unconventional ar- 
maments would grow. Egyptian 
ambitions to control ofl exports 
from the Middle East would prob- 
ably revive. A fundamentalist 
takeover in Egypt would spin- 
waves of emigration to the West 

In short, a nmHammfjilis t Mus- 
lim seizure of power in Algiers 
might signal the b eginning of a 
terrible dedine for the Middle 
East The second battle of Algiers 
is the main stage of the Middle 
East; in comparison, the Arab- Is- 
raeli peace process is a sideshow. 

Foreign politicians are baffled 
by the crisis in Algeria. As a Pen- 
tagon official said, “No one — 
not the French, the Tunisians, the 
Egyptians or us — knows what to 
do.” But Washington can take 

two important steps. 

First, it should declare clearly a 


learned the hard way, especially 
by one day’s heavy casualties in 
Somalia, that the institutions 
were not ready for the mission. 

The oore question is one that 
Mr. Gin ton has not yet frontally 
addressed. Is it not smart to endow 
die United Nations with the re- 
sources to oope, subject to Security 
Council authority, with tbe next 
generatim or two or three of inter- 
national disorders? The alternative 
is for America and its friends to 
take on the crises they feel matter 
most and to let the others flare. 

You could call it selective en- 
gagement Stanley Sloan of tbe 
Congressional Research Service, 
in a study of what he calls an 
emerging American “self -deter- 
rence,” joins others in seeing a 
gathering international instabil- 
ity likely to be met but not really 
checked by an American “coping 
strategy, muddKng through.” 

Mr. Sloan judges that “Presi- 
dent Clinton and his advises ap- 
parently remain more wary of the 
political costs of toe use of force 
than worried about the longer- 
term potential penalties of self- 
deterrence." Mr. Sloan worries 
about tbe anything-goes conclu- 
sions that irresponsible others 
might draw from American self- 
restraint and about a president 
who, seeing things drift, might 
launch an ill-advised showing of 
force to catch up. To the question 
of how is the president dom£ the 
answer is; better. To the question 
of how is the country d oing , the 
answer Is: unsure. In the interac- 
tion lies the fate of Mr. Clinton’s 
presidency, and much more. 

The Washington Past. 


Remember V 
The Rape of V 
EastTimor 


!l 


By Anthony Lewis 

XTEW YORK — Even m a 
IN world with Rwanda and Bos- 
nia, the cruelty at this place has 
been horrifying: an a 

foreign army that has killed as 
mudSas a third of the population. 

The place is East Timor, the 
Wlfpra toe government and army 
of Indonesia. East Timor is half 
of an island (500 Iriloincters) 300 
north of Australia, so re- 
mote that Indonesia has been 
largely successful in hiding from 
toe world the slaughter and re- 
pression it has carried out since 
occupying the territory m 1975. 

The shroud covering the occu- 
pation was pierced in 1991, when 
Indonesian soldiers' fired into a 
crowd of mourners at a cemetery, 
killing more than 100. An Ameri- 
can was there and wrote about it, 
and a Briton filmed parts of lL 

Now we have powerful new ev- 
idence of the honor in East Ti- 
mor. John Pilger, an Australian 
reporter, and two other s went i n 
incognito with bidden cameras. 
British Independent Television 
has shown their film, “Death of a 
Nation: The Timor Conspiracy." 

Tbe fibn includes ghastly first- 
hand descriptions of the mass 
kilting of Timorese avitianS. It 
hoc much new material on the 
retie of Britain, Australia and the 
United States in aiding Indonesia 
<mH con doning the invasion. 

President Gerald Ford and Sec- 
retary of State Henry Kissinger 
visited Indonesia just before the 
invasion. Phifip Liechty, a CIA 
official there at the time; says in 
die film that he is sure President 


Suharto “was explicitly given the 
to do what he did.” 


green 

Mr. 



says most of tbe 
weapons used by Indonesia were 
American. Aides cabled Mr. Kis- 
smger that such useef maftridsop- 
' for “defense" would violate 
B. law. He excoriated than for 


the: 


it m writing, saying 
and embarrass him. 


The POger film quotes Mr. Kis- 
singer as telling a staff meeting: 
“Can’t we construe a Communist 
it in the middle of In--: - 
as self-defense?” The Ti- 
morese had shown no sympathy 
for communism. They just want- 
ed independence. 

Today, nearly 20 years after toe 
invasion, the Suharto government 
continues to make strenuous ef- 
forts to prevent mtcrnational dis- * i 
cussion of East Timor. It pres- * 
sored toe Philippine government 
to limit a conference on tbe sub- 
ject in May and is now ttying to 
stop a meeting in Malaysia. 

But more evidence of continu- 
ing repression is emerging. Sane 
of it comes from Wfeten journal- 
ists who have been aUowed into 
East Timor tois year oti tours that . 
were carefully controlled but that 
nevertheless let reality slip 
through from tune to time. 

Tbe Economist magazine had a 
writer there with otba^ on a guid- 
ed tour in ApriL He wrote that 7 
they were treated ,to robotic- 
praise of Indonesia but that dis- 
content was evident Tbe Indone- '' 
sian-appointed governor. AbQio 
Soares, admitted to toon that 
100,000 to 200,000 Timorese had 
died as a result of the war. The 
prewar population was 688,000. 

A conservative British weekly. 
Tire Spectator, had a piece in 
February by Edward Thebertou, 
who had via ted East Timor. He 
found it reminiscent of the Baltic 
states under Soviet occupation, 
full of soldiers and informers and 
lies. The st riking rights, he said, 
were the countless cemeteries. 

The world is said to be suffering 
from compassion fatigue. A place 
as small and distant as East Tumor 
is going to have a hard time per- 
suadi ng major governments to * 
support its people’s desire, simple * 
as it is, for the right to express their 
views in a referendum on how they 
should be governed.' 

But President Bih Clin ton will 
have an opportunity to say a pri- 
vate word to Mr. Suharto this fall, 
when he is scheduled to go to In- 
donesia for a summit nvwting of 
the Asia-Pacific Economic Coop- 
nation forum. He could at least 
make clear American disapproval 
of the repression in EastTimor. ' 

And the press should continue- 
to briim toe world’s attention to 
the reality of East Timor. 

The New York Tones. 


IN OUR PAGES: 100, 75 AND 50 YEARS AGO 


1804: Asthma Remedies 


principled opposition to the ideol- 
ogy of fom 


PARIS — [From a letter to the 
editor] With reference to your 
interesting article dealing with 
simple remedies for asthma. 
Strong cafd noir as made by the 
French, I have known in my own 
and in man^rases, to ward off an 


the salesmen agreed to sell rabbits 
at 5fr. 50cL, the wholesale price. 
But this was not satisfactory for 
the self-constituted regulators of 
prices. The proceedings did not 

all nass nff rmiotlu nrac 


aD pass off quietly., There was 
struggling, ana frint r *■— i - s - 


ogy of fundamentalist Islamic ex- 
tremism and an intent to help 
Muslim regimes stave off funda- 
mentalist challenges. Second, it 
should work more actively with 
the Algerian authorities, offering 
short-term financial aid, pressur- 
ing them to make improvements in 
human rights, and taking other 
practical steps to. prevent the fun- 
damentalists from reaching power. 


attack of ‘Svheeziness,” if tut yn 
immediately on the first symp- 
toms of- oppression being felt, 
caf6 au lait being pernicious to 
the malady. I have also found a 
hot mustard foot bath a great 
relief. An Asthmatic, Florence. 


■fuugguug, oiiu inm ana vegeta- 
bles were used as nussdes. In toe 
roe du Pcmt-Neuf Ibmatdtss and 
melons strewed toe ground. ' 


1919: Paris Food Fight 

PARIS — Tbe refusal of cheese- 
mongers to buy supplies on Mon- 
day [Aug. 11] and the attack upon 

O WMlNinU flap 1 iL. _ 


The writer is editor of Middle 
East Quarterly, a new journal pub- 
lished in Philadelphia. He contrib- 
uted this to The Washington Post. 


a newspaper reporter led the po- 
lice to take measures to keep or- 


der at toe Paris Central Markets 
— and the precaution was not a 
useless one. In the poultry market 


1944: Riviera Is Hit Hard 

SUPREME HEADQUARTER^ 
Afted E^peditionity - Force — ■ 
[From our New York etotwn:}' . 
Nearly 1,000 AmeriCari lieavy 
Jxnribers operating f rorii Italian 
bases today [Aug. 12] gave point to 
toe words of Prime Minister Chur- 
author of the term, “under - 
belly of Europe.” Momentous 
boles were blown in a 120 -mile ; 
stop of German coastal Terrific 3 " 
tions along the 

the Italian Rivienr'-aS’ <^chil 
toured Allied war basts in Italy- 


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U.S. Encouraged 
By Korean Tklks 

iVortfe Delays Joint Report 
On Nuclear Discussions 


WASHINGTON — ,y.S. 
and North Korean negotiators 
made some progress in resolv- 
ing their mwitear dispute in talks 
in Geneva and wffl meet awwn 
in September, Seraetary of State' 
Warren VL Christopher said 
Friday. 

[North Korea hailed in the 
American dde&ikm far fresh 
negotiations in a last-minute 
hitch to ibe two sides signing a 
joint statement, U.SL officials 
said Friday evening, Reuters re- 
ported from Geneva. 

[“We had the approval to go 
ahead,” 'a U-S. official said. 
“Apparently, they did noL Ap- 
parently, their capital wants to 
talk about it more. It might be a 
negotiating, tactic. We hoped 
there would be a signing cere- 
mony.”]. 

“The parties have been seri- 
ously engaged,” Mr. Christo- 
pher said. . “They've had con- 
structive talks.” said 
progress had -been ■ made • on 
some issues. 

Robert L-. Gallucd, assis ta n t 
secretaiy of state and the chief 
U.S. delegate to the talks, said 
the session would be adjourned 
Friday with or without a jomt 
declaration. 

“We and the North Koreans- 
are working on trying to cap- 
ture the areas of agreement that 
we have readied so far in a 
written statement, and if we 
can, (hen we will, and if we 
cannot, then we wiD be ad- 
journing this session without 
it,” he said. 

U.SL officials refused to give 
details of any agreement, but a 
North Korean diplomat said 
the text dealt with providing 
North Korea with new light- 
water reactor technology in re- 
turn for freezing its existing nu- 
clear program. , 

Pyongyang is also bring of- ' 
fered “normal relations” with 
Washington as part of the deal, 
he added. 


Other rqwrts said the agree- 
ment mcluoed an understand- 
ing that North Korea would not 
reprocess 8,000 spent uranium 
fuel rods^ertracted from a reac- 
tor at Yongbyoo, and would 
not Undine reactor. '• 

The. talks, which were inter- 
rupted after just one day on 
July 8 by the death of President 
Kim 11 Sun& started up again 
on Aug S. They lave been fol- 
lowed closdy in the West and 
Asia as indicating the future di- 
rection of foreign policy under 
Mr. Kim’s son and apparent 
successor, Kim Jong EL 

Washington has been trying 
to negotiate & deal under which 
Neath Korea, accused of divert- 
ing nuclear weapons material 
from its power program, 
switches from graphite reactors 
to light-water technology, 
which produces less bomb- 
making phildmom. 

- The North Korean diplomat 
would not" say whether the 
agreement dealt with the fuel 
rods. Under a compromise be-' 
ing discussed, a team of interna- 
tional experts would visit North 
Korea soon to examine the rods 
and see whether a proposal to 
bury them in concrete was fea- 
sible. 

“The expert-level meetings 
concluded the issue of making 
provision of a Hght-water reac- 
tor, es tablishin g n ormal rela- 
tions” between North Korea 
and the United States, and oth- 
er issues, in return foe “freezing 
nuclear activities” of North Ko- 
rea, the diplomat said. 

Mr. Gallocci said the United 
States was “prepared to move 
to more normal relations, pro- 
vided we can do so in the con- 
text of resolving the nuclear is- 
sue.” 

He added that the United 
States “would be prepared to 
address” North Korea's desire 
for assistance in the Hght-water 
area of 1 nuclear technology “in 
order that , they abandon the 
graphite technology.” 

(AFP, Reuters) 


Magic Johnson Is Accused 
In Sexual Harassment Suit 

... . ... i 

LOS ANGELES — A former employee has sued a Los 
Angeles health dub, saying that she was fired after rejecting 


son, a triewsaon station repeated Friday. 

Los' Angdes television KTLA said the employee, 
Nichols, alleges inher Superior Court civil lawsuit that 
Johnson sexually harassed her sometime- between 1988 and 
1992 and that Sports Chib LA. condoned his actions. 

Mr. Johnson was a spokesman for- the dub. It was not 
iminediatdy dear whethCT he still represent s Sports Club LA. 
Hen^iredfirom basketball in November 1991, explaining that 
he was_infcscted with HTV, the virus that causes AIDS. 

He sdd at a news conference at the rime that he had had 
sexual relations with numerous women and -did not know 
from whom he had cahght the virus. 

Mr. Johnson's attorney, Howard Watzrnaz^oonfinned the 
lawsuit but teemed it “stupid.” 


Mexico’s 




est Test 


. . *' J 


By Tim Golden 

Ne*> York Times Service . 

MEXICO CITY — As the 
Institutional Revolutionary 
Party, heads toward what may 
be the toughest election in its 65 
years in power; it is mired in 
what many of its leaders consid- 
er its most profound internal 
crisis. 

Radical economic changes by 
the government of President 
Carlos Salinas de Gortan have 
grated on the party’s traditional 
support among labor unions 
and peasants. 

Ambitious efforts to build a 
new base of individual mem- 
bers rather than organizations 
have produced more conflict 
than success. In a society press- 
ing ever more vigorously for 
democratic change, the party 
continues to depend heavily on 
authoritarian controls. 

Yet for all the conflict that 
the party has endured in a year 
that has included the assassina- 
tion of its first presidential can- 
didate and a brutal fight over 
his replacement, the huflong 
machine known as the PRI has 
patched itself together and 
rolled forward once again. 

It has raised tens of mflhons 
of pesos, enlisted hundreds of 
thousands of otganizere and 
dominated every advertising 
medium from prime-anre tae- 
vision to whitewashed walls. 

■S According to a growing num- 
ber of political analysts and na- 
tional opinion polls. » also ap- 
pears increasingly Ukdy that 
theparty will do again on Aug. 
21 what it "has done throughout 

11S *Sspany is iflee a fitting 

log.” 0116 l te ® enior 
said, uymg to explain bow em- 
bittered older leadas of 
PR] could have umUxlaround 
Ernesto Zedillo Ponce de Leon, 
the 42-year-old eeonomisr 
whose candidacy many of them. 


tried to block after the assassi- 
nation of Luis Donaldo Colosio 
on March 23, “You either grab 
on or you sink.” 

The mere prospect that the 
PRI could win a plurality of the 
vote is a testament to the ex- 
traordinary ability of] the 

ivdifiraJ 



m l power. 

At the same time, many ana- 
lysts believe, tbe party’s ability 
to survive by modernizing its 
vote-getting apparatus and 
adapting minimally to a chang- 
ing political system while resist- 
ing more fundamental reform 
augurs darkly for tbe country’s 
transition to full democracy. 

“Tbe party as.it exists is un- 
doubtedly in a terminal crisis, 
and it has been held together 
only by the authority of tbe 
president,” said Luis Javier 
Garrido, a longtime Observer of 
the PRI who teaches at the Na- 
tional Autonomous University 
of Mexico. . . 

^The problem ahead is that it 
does not know how it can make 

the transition from a party of 
the state to one more part of the 
system of parties that is coming 
into being.” , w 

In a speech last week Mr. 
Zedillo answered the rising de- 
mand for party democracy by 
pledging that* if elected, be 
would give up the control that 
aD of his predecessors have ex- 
ercised over the party’s internal 
affairs end choice of candi- 
dates. 


tool Estate Wntepbre 

Every Friday 
Contort Frad Ronan 

TbL;( 33?}4<S37«9I 
Fac (33 1) 46 37 93 70 
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Argentines Are Warned 
Of More Terrorist Attacks 

Reuters 

BUENOS AIRES — Argentina ordered emergency rooms 
at Buenos Aires hospitals on a high state of alert Friday after 
being warned of tbe danger of a new terrorist. 

Israel and other nations warned .Argentina to expect a new 
terrorist attack after the blast that knled nearly. 100 people 
last month, tbe government said. 

- “The information was obtained and confirmed by national 
and international intelligence organizations of (he utmost 
reliability,” a statement From President Carlos Sabi Menem’s 
office said. “The concrete threat is not limited to Argentine 
territory and terrorist action could extend to some neighbor- 
ing countries.” 

It did not saute tbe other states that provided the informa- 
tion or indicate who may carry out tbe attack, saying only that 
“international terro ris m*' was preparing the attack. A truck 
bomb on July 18 razed the offices of Argentina’s two main 
Jewish organizations, killing nearly 100 people. 

A judge investigating the attack has issued international 
arrest warrants for four Iranian diplomats. But on Friday, 
with the credibility of their sole witness eroding the govern- 
ment and judiciary moved to distance themselves from the 
allegations of a link to Iran. 

_ The identity and credentials of Manuchehr Motamer, pre- 
viously described as a former Iranian official, have been 
disputed bv Iran. 


Senate Tries to Lift Bosnia Arms Ban 


By Daniel Williams 

H'cshngwn Peel Service 

WASHINGTON — The 
Senate has passed two measures 
designed to put pressure on 
President Bill Clinton lo let the 
Muslim-led government of Bos- 
nia obtain arms if Serbian in- 
surgents continue to reject a 
peace plan. 

The measures were somewhat 
contradictory. One, sponsored 
by die Senate Armed Services 
Committee chairman. Senator 
Sam Nunn of Georgia, was 
closer to Mr. Clinton's position 
than the proposal backed bv the 
minority leader. Bob Dole or 
Kansas. 

The measures had influenced 
the White House even before 
the balloting. Anticipating the 
votes, and in line with Mr. 
Nunn’s measure, Mr. Clinton 
pledged to ask the United Na- 
tions to exempt the Muslims 
from a regional arms ban by tbe 
end of October if the Serbs still 
opposed tbe peace plan. He 


made the pledge in a letter to 
Mr. Nunn on .Monday. 

In the letter. Mr* Clinton 
promised that if the United Na- 
tions Security Council refused 
to lift the embargo, he would 
consult with Congress on a uni- 
lateral lifting by the United 
States. 

Mr. Nunn's proposal went 
further than Mr. Clinton's by- 
setting a second deadline. Un- 
der the measure, passed by a 
vote of 56 to 44. a Security 
Council rejection would bring 
an American withdrawal from 
enforcement of the ban by Nov. 
15, when the Senate would cut 
off funds for U.S. enforcement 
of the embargo. The United 
States, through the North At- 
lantic Treaty Organization, 
helps block arms shipments at 
sea and on land. 

The second measure on 
Thursday, proposed by Mr. 
Dole and Senator Joseph I. Lie- 
berman, Democrat of Connect- 
icut. and passed by 58 to 42, 





Will 

LUNCHTIME — Migrant workers in Beijing clamoring for lunch at a city bus that has been turned into a mobile 
kitchen. Beijing and other dries are teeming with workers hoping to capitalize cm tbe budding boom In China. 


LABOR: China’s Unions Try to Locate a Niche in Free-Market Society 


- Continued from Page 1 

es. “In the -meantime we are searching for new ventures to 
employ excess workers." 

Mr. Zhu needs to move quickly. Shanghai’s large, unprofit- 
able state enterprise sector is accelerating efforts to pare the 
workforce and shed welfare responsibilities in a bid to slave off 
bankruptcy, a nationwide trend. 

The official People’s Daily said Wednesday that 31.5 per- 


cent of S hanghai 's state companies were unprofitable and that 
they 

able companies. 


some would go bankrupt if they were not merged with profit- 


Either option means job losses and a direct challenge to 
social stability that the government expects the unions to help 
safeguard. 

“We’re doing a lot of propaganda abouL the necessity of the 
market economy and the need to crack the iron rice bowl,” said 
Mr. Zhu, referring to the cradle- to-grave welfare system fund- 
ed directly by state enterprises. 

. “We think it’s normal that some people will lose jobs in the 
transition,*' he said, “The key task is to look after these 

^Failure to do so has fanned the militancy of workers as job 
losses, high inflation, the trimming of welfare benefits and 
onerous, unregulated working conditions squeeze them. 

Thanks to market-oriented reforms, workers can now decide 
where to work and live instead of being directed by their work 
units. Peasants and workers are also more vocal about injus- 
tices and corruption. 

Hundreds of strikes this year, only a few of them officially 
sanctioned, primarily in the industrial northeast and the ex- 


port-oriented south, indicate that workers have a greater say in 
their workplaces. 

While the official All-China Federation of Trade Unions has 
no legal rival, hundreds of wildcat unions are estimated to have 
sprung up in step with an expanding private sector where the 
number of employees may soon reach 40 million. 

At the same time, according to the official China Daily, only 
1 7 percent of overseas-funded joint ventures and wholly owned 
subsidiaries have allowed official union branches on their sites. 

“We're concerned about introducing an intermediary and 
what that will mean to our business.'' said a spokesman for 3M 
Co., dted in an interview by Shanghai union officials as having 
resisted their efforts to represent workers. 

“We don’t know exactly what the term ‘union' is going to 
mean in China, what their role will be.” said the 3M executive, 
adding that 90 percent of the company's operations worldwide 
did not have a union presence. 

China’s first national labor law, to be enacted next July 1. 
will establish minimum wages and worker protection while 
requiring foreign-funded enterprises to allow the official 
unions on site. 

"In general people hope this will be a regulation observed in 
the breach,” said Mr. Kamm, who attributed the union's 
current weakness in foreign funded workplaces to China's 
priorities on foreign investment. 

Apart from concern over wage pressures and the role of 
union officials in fomenting difficulties that only they can 
solve, some foreign managers oppose unions’ aitempt to play a 
greater part in enterprise decisions, as sought by the federa- 
tion. 


OPERA: In the Latest Upheaval in Paris, Music Director Is Dismissed 


Contmoed from Page 1 

statute, and to maintain his salary level," 
the statement said. 

The dispute bears more than a superfi- 
cial resemblance to the dash that led to the 
ftiCTnicsfll of Daniel Barenboim as artistic 
director of the BastiBe in January 1989 by 
Pierre Bergh. Mr. Barenboim had been 
named in 1987 by a rightist government on 
its way out, and Mr. Bergi was named by 
the subsequent Socialist government to a 
newly created post of president of the 
Opera. Mr. Berg6 attacked the “intoler- 
able” size of Mr. Barenboim’s salary and 
conducting fees, but the real issue ap- 
peared to be artistic policy and control 

It was Mr. Bergfe who named Mr. Chung 
as music director and who recently extend- 
ed his contract to 2000, with increases in 
salary and conducting fees that would have 
risen substantially above the present annu- 
al guarantee of about 3.5 million francs. 
When the right returned to power last year, 
Mr. Bergi, a friend and political supporter 
of France’s Socialist president, Francois 


Mitterrand, was out, and Mr. Gall was in 
under a revised structure that makes him 
the sole director and undisputed artistic 
decision maker. 

The big difference between Mr. Bergk 
the flamboyant head of the Yves Saint 


Laurent fashion company, and Mr. Gall is 
that the latter is an experienced opera 
house director. He was the right-hand man 
to Mr. Licbermann during the 1970s, and 
since 1 980 he has been the successful direc- 
tor of the Grand Theatre in Geneva. 

The latest reorganization of the Paris 
Opera, aimed at concentrating artistic and 
financial control and ending the confusion 
that characterized the Bergfe regime, is 
based on a study made for the culture 
minister, Jacques Toubon, last year by Mr. 
GaiL Although Mr. Gall is still only direc- 
tor designate, be is cieariy involved in 
management decisions and is the key to the 
present situation. 

The management reportedly wanted 
Mr. Chung to roll back the termination 
date of Iris contract from 2000 to 1997, and 


to hold his salary and fees to their present 
levels. 

In an interview with Le Monde, howev- 
er, Mr. Chung complained less of that than 
of artistic matters. He said that his wishes 
had been ignored with regard to conduct- 
ing assignments and that since February of 
this year, “no point in the artistic area of 
my contract has been respected.” 

Mr. Chung has won praise for rebuild- 
ing the Opera’s orchestra from its cata- 
strophic condition in the late 1 980s and for 
the musical quality of the productions he 
has conducted. But few other conductors 
of high stature have appeared at the Bas- 
tille in the last five years. 

Mr. Chung told Le Monde that he had 
"personally solicited" such leading con- 
ductors as Sir Georg Solti. Christoph von 
Dohnanyi and Pierre Boulez to appear at 
the Bastille, but that they had been re- 
served in their responses without actually 
refusing. He attributed this lo apprehen- 
sions over artistic and material conditions 
in the house. 


ISLAM: Muslims Join Vatican’s Stand on Population 


. Continued from Page 1 

cation of girls, women’s health 
and the lowering of infant mor- 
tality. 

That message, however, has 
been a tough sdl at the Vatican 
and is encountering difficulties 
now In the Islamic hierarchy. 

The population statement 
was issued by the Islamic Stud- 
ies Center at AJ Azhar, a 1, 000- 
year-old center of Islamic learn- 
ing whose views carry 
significant moral authority 


among Muslim-led countries. 

“The ambiguous expressions, 
abstract terms and innovative 
jargon that abound in it suggest 
that it aims to adopt the oppo- 
site of the basic precepts which 
Islam has laid down,” said the 
statement. 

“It aims to defend sexual re- 
lations which arise between 
members of the same sex or 
between different sexes outride 
legal marriage, which destroys 
the values to which all revealed 
religions aspire." 


The statement followed news 
reports this month in which a 
senior official in Iran's Muslim- 
led government was quoted as 
having said that collaboration 
with the Vatican had his coun- 
try’s “full endorsement.” 


Every Wednesday 

Contort Phifip On** 
Td.: (33 11 44 37 93 36 
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orywjr necrasf HT effiw 
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NEW FALL 
COLLECTION 

ESCADA 

In Paris 

Also, Sales 
on Summer Collection 

Marie-Martine 

8, rue de Sevres. 

| Parte 6th 


look a more direct approach. It 
would commit the United 
States to Lifting, the arms embar- 
go on its own by Nov. 15. It 
makes no provision for interme- 
diate steps. 

Mr. Clinton has long favored 
lifting the arras embargo for the 
Bosnian Muslims, but has never 
gone to the United Nations to 
obtain a resolution to that ef- 
fect. 

An administration official 
made clear that the president 
opposed both the Nunn and 
Dole deadlines. “To impose a 
date certain on lifting the em- 
bargo is not necessarily the best 
course of action.*' said the offi- 
cial. “But it’s also important we 
send a very strong signal to the 
Bosnian Serbs.” 

As for Mr. Dole's amend- 
ment, the offical said only that 
the administration preferred to 
act in concert with other coun- 
tries. 

■ UN Warns on lifting Ban 

The United Nationssaid Fri- 


day that it would be difficult for 
its' peacekeepers to remain in 
Bosnia if the arms embargo on 
the Muslim-led government 
were lifted, Reuters reported 
from Sarajevo. 

In Zagreb, a UN spokesman, 
Michael Williams, said. “If the 
U.S. goes ahead, it is difficult to 
see circumstances in which the 
UN peacekeepers could re- 
main." 

The United Nations, mean- 
while, reported that Serbs had 
removed a heavy weapon from 
a UN compound from under 
ihe noses of Ukrainian guards. 

Firing their rifles in the air 
and blocking the UN soldiers 
with mines, the Serbs removed a 
105mm artillery gun and re- 
placed it with a 76mm weapon, 
which later disappeared as wed 
said Major Rob Annink, a UN 
spokesman. 

The removal of five heavy 
weapons by the Serbs last week 
was countered by a NATO air 
strike. 


Nigerian Union Warns 
Of ‘Violent Reactions 9 


A genre France- Prase 

LAGOS — Nigeria’s oil 
union warned Friday lhaL it 
would wTeck petroleum instal- 
lations if the ruling junta 
banned it after more than a 
month of a crippling strike to 
press its political demands. 

“We will hit back if they try 
anything in that direction. It 
will be the worst the nation has 
ever seen," a union official said 
in an interview. “What we mean 
exactly in our Wednesday press 
statement by ‘violent reactions’ 
is the destruction of oil installa- 
tions." 

The National Union of Pe^ 
troleum and Natural Gas 
Workers and its staff associa- 
tion, Pengassan, began their 
strike July 4 to pressure the mil- 
itary government to step down. 

“We got the information 
from impeccable sources in 
Abuja that the government was 
planning to proscribe the 
union, 1 * said the official, who 
asked not to be named. “We are 
on3y telling them the grave con- 


sequences of such a step.” 
Abuja is Nigeria’s capital. 

The labor and productivity 
minister, Samuel Ogbemudia, 
denied in talks Thursday with 
oil workers that the junta was 
planning any such measure, but 
his comments later to reporters 
gave a different impression. 

“Proscription is a remedy." 
he told the union officials. “It 
can only be applied if there is an 
ailment. For now. there is no 
ailment, so we can first and 
foremost tty lo resolve the mai- 
ler through dialogue." 

The unions want the junta to 
free Moshood K.O. Abiola, the 
opposition leader, who is be- 
lieved to have won the presiden- 
tial elections last year that were 
annulled by the military, and to 
install him as the head' of state. 

Chief Abiola is on trial ac- 
cused of treason after declaring 
himself president in June. His 
arrest has led to bloody pro- 
tests. Tbe police opened fire Iasi 
week on demonstrators in La- 
gos, killing at least three people. 


RWANDA: Another Huge Exodus 


Continued from Page 1 

humanitarian zone — it stretch- 
es about 160 kilometers (100 
miles) from Rubengera south to 
the Burundi border and 65 kilo- 
meters miles east from Lake 
Kivu — which would go far 
toward persuading people that 
they did not need to flee. 

But the commander of UN 
forces. Major General Romeo 
Dallaire, said there was as yet 
no official agreement He said 
that the new minister of de- 
fense, General Paul Kagame, 
had told him that he did not 
intend to send troops into the 
zone at the moment. “But l 
don’t know if that will last for 
24 hours or for four years,” 
Genera] Dallaire said. 

Efforts to persuade people to 
stay in the zone are being coun- 
tered by partisans of the former 
government who are “forcing 
people to leave ” said Celestin 
Semanza. Mr. Semanza, the act- 
ing mayor of Mabanza, the dis- 
trict where Rubengera is. intro- 
duced Colonel Sartre and 
translated his remarks from 
French into Rwandan for ihe 
benefit of peasants. In “secret 
meetings,” the agents of the for- 
mer government are telling the 
villagers that when the French 
leave. Patriotic Front soldiers 
will move in and massacre 
them. Mr. Semanza said. 

It is a message that is easily 
believed. There is a generalized 
fear of the Front from the days 
of the war, when the Hutu gov- 
ernment bombarded the people 
with horror stories about the 
Tutsi organization. 

And there is also a general- 
ized fear that the Front will 


exact revenge for the massacres 
of Tutsi by Hutu government 
militia and soldiers in April and 
May. Some of the worst massa- 
cres were in this region. More 
than 3,000 Tutsi were slaugh- 
tered in the Roman Catholic 
church in Kibuye, where they 
had sought sanctuary, and the 
next day. 7.000 Tutsi who had 
gathered in the soccer stadium 
were eliminated with grenades 
and machetes. 

Most of those who were re- 
sponsible for the massacres 
have already fled to Zaire; men 
who have remained fear that 
they will be accused unjustly by 
the front and executed. 

■ Boat Strafed in Lake Kivu 

A Zairian boat carrying 
about 20 people was hit by ma- 
chine-gun fire Thursday and 
sank in Lake Kivu off the 
Rwandan border town of Ki- 
buye, a French army officer 
said Friday. Reuters reported 
from Goma. 

All people on board were 
presumed dead, said Colonel 
Alain Rambeau, spokesman for 
the French humanitarian oper- 
ation in southwestern Rwanda. 

No French troops witnessed 
the incident, but he said the 
report was based on reliable 
witness accounts. Colonel 
Rambeau said it had taken 
place at the edge of Rwandan 
territorial waters but outside 
the French-protected “safe 
zone." 

It was not clear who was on 
board the boat. Coffee smug- 
glers regularly cross Lake Kivu 
from Rwanda to Zaire and refu- 
gees have also fled by boaL 





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1 







ART 

Saturday -Sunday, 
August 13-14 ; 1994 
Page 6 


zm 



In Japanese Prints, a Cultural Battle 

iiarmauonei HemU Tribune The color, added by hand, diffe 

L ONDON — Art can say more ■ • ;* fromoneprint to the next. In the Briti 

about cultural upheavals than / \ ‘ Museum one, it is red, blue and gree 

volumes of essays. The titanic . Z 1 -* • V." creating a colored grid that further c 

struaole in which Jaoan found •• .vV'.; ... • lutes the landscape into splendid a 


Inzmational Herald Tribune 

L ONDON — Art can say more 
about cultural upheavals than 
volumes of essays. The titanic 
struggle in which Japan found 
itself engaged to retain its identity as it 
came under Western influence in this 
century is illustrated in a fascinating 
show of graphics on view at the British 
Museum until Aug. 21. 

“Modem Japanese Prints 1912-1989” 
is a selection of 140 woodblocks and 

SOUREN MEUKIAN 

'stencils, all with the exception of seven 
works, bought since 1980 by the muse- 
um. The accompanying book by Law- 
rence Smith, in which information un- 
available in Western languages is given 
about the artists, is even more interest- 
ing than the exhibition. Together, they 
provide a pageant as bewildering as a 
Japanese cityscape with skyscrapers and 
traditional style houses side by side. 

At the time of World War L, the uki- 
yo-e school or printmaking, bom in the 
18th century of an early wave of West- 
ern influence with such highlights as 
Sharaku. Hiroshige and Hokusai, was 
coming to an end. 

It had its last flashes of creative ge- 
nius. Hanjiro Sakamato's “The Chikugo 
River.*' dating from 1918, holds out a 
promise of totally modem, yet tradition- 
al. landscape composition that could 
have led to a new age but did not 
Infinitely poetic in its evocation of rain 
over a misty river, it is so concise as to 
border on abstraction. 

Sbinsui Ito (1898-1972) might have 
been the Hokusai of modem times. He 
produced some gems of invention such 
as “Awazu” of 1917, with its layered 
composition and the vertical rhythm 
created by a line of trees oscillating right 
and left But instead, he drowned in the 
morass of facile picture postcard-style 
landscapes. 

Hasui Kawase, who loved Western 
style illusionist perspective for land- 
scapes and urban scenes (“Rain at Uchi 
Yamashita”) made the final jump into 
decorative kitsch. It lingered until 1940 
when Hiroshi Yoshida brought the view 
of a Japanese resort with a wooden 
bridge crossing a mountain river as close 
to a Swiss landscape in the Jura as is 
humanly feasible. Short-lived attempts 
at reviving the Sharaku-style actor por- 
traits by Natori Yoshikawa and others 
■ended in horrendous vulgarity. The old 
school bad run out of steam. 







The color, added by hand, differs 
from one print to the next. In the British 
Museum one, it is red, blue and green, 
creating a colored grid that further di- 
lutes the landscape into splendid ab- 
straction. 

In 1967, he carried the idea one step 
further away from figuration. “Stars of 
the Whole Sky” shows, we are told, the 
sky above buildings in the old Shinto 
style, as an illustration to a poem by 
Sadaaki Kuraku. But aside from an ir- 
regular flattened triangular motif sug- 
gestive of a Far Eastern roof over what 
could be the outline of a house, there is 
not much to back up the assertion. The 
“Katakana” characters of the poem 
come down like a shower of dagger 
blades over drapes of blue, green and 
red adoring above that “roof. 

Japan was finding a new assurance in 
the 1960s. Artists were now able to re- 
cast in totally original form ideas ema- 
nating from the west “Grapes and Mel- 
ons" by Toru Mabuchi goes back to 
Cubist stifl lifes by Georges Braque. The 
balance of complementary colors, the 
daintiness of the surface treatment, the 
texture appearance of the detail, belong 
in a different world. 


Medieval Modernism 

Tuscany Town Gives Five Sculptors a Free Hand 


Rr •.*-*=& 


A T wide intervals, the Japanese 
graphic genius would break 
out into a small masterpiece. 
“Tree at Dawn,” by Joichi Ho- 
shi done in 1976, is one of those. A single 
trunk rises out of nowhere with its leaf- 
less brandies standing out against a 
haze like that of a snow blizzarcTconhng 
in from a distance. 

The background color veers from 
pearl gray lower down to a dense hue 
slightly tinged with purple b ehind the 
round mass of spindly twigs. 

Hoshi was rediscovering figuration, 
after a long journey through virtual ab- 
stractionism. Too late. The artist died in 
1979. 

The next generation of Japanese 
printmakers started afresh, turning to 
New York for inspiration — never really 
copying but never tearing away from 
their obvious sources either. Kunihiro 
Amano, bom in 1929, must have looked 
at Mark Rothko a lot before conceiving 
“Enclosure.” As recently as 1985 Akira 
Matsumoto's “Revolve - (W5 - Negati- 
ve/ Positive)” produced a composition 
of a myriad colored beads, yellow, red 
and purple, in the midst of colored bars 
reminiscent of the Op Art of the 1960s. 

Fumio Kitaoka argues somewhere 
that he likes “prints because when they 
are made the Japanese way, with barren 
and handmade paper, they are a very 
Japanese art.” Neither the New York 
school by-products nor his own land- 
scapes in Western realistic style make 
the case. Technique is no substitute for 
an artistic vision. 

A few wonderful pieces notwithstand- 
ing, the self-proclaimed heirs of ukiyo-e 
are still groping in the dark. 


mm 




A small masterpiece: Detail of “Tree at Dawn” by Joichi Hoshi (1976). 


A T that point frantic experi- 
mentation broke out. Koshiro 
On chi left no stone unturned. 
In 1936. he drew a figure in the 
.manner of De Chirico flanked by non- 
descript planks of Cubist inspiration, 
“Mannequin in the Studio.” The year 
after. Onchi was trying his hand at sea- 
shell subjects, handled in a manner that 
retains whiffs of Yves Tanguy and Sal- 


vador Dali, minus volume and perspec- 
tive. 

He also dabbled in portraiture, seek- 
ing a compromise between East and 
West. When doing the likeness of his 
friend the poet Hagiwara Sakutaro in 
1943, he borrowed the layout from Sbar- 
aku and handled the head in a realistic 
Western style, trying to give it a dramat- 
ic expression. The outcome is a hideous 
spoof. 

Pastiches were turned out by the doz- 
en. Toshiro Maeda’s “Round Moon Is- 
land at Shirah ama ” looks like a French 
poster for a car of the 1930s. Yasunori 
Tanin aka’s "Okabawata” betrays a viv- 
id awareness of the maniire noire wood- 
cuts of the 1920s favored by book illus- 
trators. 

It was left to Shiko Munakata (1903- 


1975), Japan's most admired modernist 
painter, to break out of derivative art. In 
the 1930s he started to handle Buddhist 
themes in thick black zigzag lines in 
which the figurai, submerged in quasi- 
abstract design, loses its importance. 
Over a period of time he developed a 
unique and splendid style. The figurai 
confined to a single element in the com- 
position, simply appears as a key to the 
whole design. 

“Kanya,” done in 1964, is supposed 
to be a view on the Tokaido Road in a 
throwback to Hiroshige's famous “Fifty 
Three Posting Stations on the Tokaido." 
printed in the 1830s. Only the truncated 
pyramidal outline intended as a moun- 
tain at the top warns that this is a natu- 
ral sight. The landscape otherwise looks 
like a cascade of dark splinters. 


By Roderick Conway Morris 

JjUBRflZuno/ Herald Tribune 

S AN GIMIGNANO, Italy. — **17113 
place is miserably poor,” observed a 
turn-of- tbe-centuiy English traveler, a 
situation radically reversed in our 
times by the revival of the local Vecnacda 
white wine and a thriving tourist industry, 
thanks to the state of preservation of tins 
Tuscan hilltop town’s duster of soaring medi- 
eval towers that can be seen from mates away. 

Though making a comfortable living from 
its past, San Gimignano has now launched 
itself into the unknown with “Affinities,” a 
ject offering five modem sculptors carte 


and ins tall a new work there permanently. 

San Gimignano was for centuries political- 
ly closer to Florence than Siena, but artistical- 
ly, as its frescoes still bear witness, it was 
Siena that held sway. So, appropriately 
enough , it is the Sienese bank Monte da 
Paschi that has financed the operation. - 

“The bank commissioned its first work, a 
fresco of the Madonna, in 1481,” said Dona- 
tella Capresi, the curator of the Monte dri 
PaschFs art collection. 

To sdect the artists, the bank called in the 
art historian and critic Giuliano Brigand, a 
well-known expert on Mannerism, but who 
lata in his career took an intense interest in 
contemporary art. The five artists chosen — 
Luciano Fabro, Jarntis Kouneflis, Hiseo Mat- 
tiacci, Nunzio and Giulio Paafini — were 
given a free han d in the location and type of 
work executed. The resulting works nearly all 
show that their modernist maker s did indeed 
go in search of affinities with the past, and 
approached San Gimignano's existing charms 
with respect All but one of them chose sites, 
in out-of-the-way comers. 

The youngest of the artists, the 40-year-old 
Nunzio (all the others are in their 50$), usually 
works in stark materials, such as stone, burnt 
wood and base metals, but in San Gimignano 
he found Vicolo del Bongj. a high, narrow, ' 
medieval vaulted passageway off the main 
street, and lined a series of its arches with 
metal laminated with gold. 

KouneDis, Greek by birth but long settled 
in Italy, responded to the challenge by bund- 
ing an arresting work in the hushed, almost 
forgotten courtyard in front of the 11 tit-cen- 
tury San Jacopo church just within the city 
walls. The ringer of the bell atop his tall 
deceptively simple tower is firmly anchored 
to the ground by a sloping girder. As JCound- 
lis comments: “This work resembles a bell 
tower, with the difference that it has a be- 
witched bdl that cannot move, and can be 
seen not to be able to move.” The tower 
echoes the style of the belfry of the church, . 
but. is placed so as not to interfere with the. 
view of iL But in the afternoon it casts on its 
facade a mysterious sUbouettte in the shape of 
a roadside calvary, a nice paradox of the 
present casting its shade upon the past 

Paolini, meanwhile, has filI6d a space left - 
blank by a long-gone sundial on the side of 
the Sant' Agostmo church, with an engaging 





. ’iV ;.r 







ji'jv- 


psLVv. 




Jaamis Kounellis and his tower. 

replacement in fresco in which the design of 
intertwined. planetaiy trajectories ^height- 
ened by the shadows .of fines scored into the 
wet pinker, and the traditional gnomon takes 
. tiie farm of an elegant bronze pencil, project- 
ing like an arrow from a target 

Mattiacri, on the other hand, has ascended 
the Rocca, the remains of the ancient fortress 
at thesmnmit of the town, which commands a 
wonderful view of the rolling, cypress- dotted 
Tuscan countryside. At the end of a buttress 
that runs out into the void, Mattiaod has 
fixed a long girder, balanced on a great steel 
balL 

This is potentially the most intrusively 
placed installation m terms of the town's 
historic ambiance. Yet the piece's harsh mili- 
tary undertones, its suggestions of war and 
peace, and the sheer bravado of its unexpect- 
ed, almost alarming precaiioosness, make it 
striking and thought-provoking. 

The final work, by Fabro, a flat, red steel 
piece composed of superimposed, fragmented 
outline maps of Italy, attached to a bar pro- 
jecting over a doping street just off Piazza 
Duomo, seems the leak related to its setting, 
or to San Gimignano as a whole, though its 
resemblance from a distance to a ragged ban- 
ner or inn sign save it from being utterly out 
of place: All in all, the San Gimignano experi- 
ment is a considerable success, and an unusu- 
al but fitting, monnmepLio Brigantl who 
died before he could see it completed. 

A map showing the location of the sculptures 
is available at the town's information office; 
there is also an exhibition on the project until 
Sept. 30 at the Palazzo Comrmmale (both on 
Piazza Duomo). 


ART EXHIBITIONS 


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By Ginger Panto 

R OUEN, France — Standing be- 
fore Notre Dame de Rouen, like 
a detective studying an unsolved 
mystery, Claude Monet told 
himself a century ago “I will get to the 
bottom of this cathedral but it will take a 
lot of time.” The artist's investigation, in 
the two winters of 1892-94, yielded 30 
paintings chronicling the shifting light of 
day on the Gothic monument 
Despite the efforts of critics to convince 
the state to purchase the soon-celebrated 
“Cathedral" series as a single oeuvre, Mo- 
net sold them piecemeal One, however, 
remained in Rouen, thanks to a local in- 
dustrialist Francois Depeaux, a patron of 
the Impressionists whose collection was 
donated in 1909 to the city’s Musee des 
Beaux-Arts. The museum touted its ver- 
sion as the most “Rouennais” for the 
monochrome hues evocative of Norman- 
dy’s overcast skies. 

To mark the centennial of the series, and 
the restoration of the museum, it has re- 
united 17 “cathedrals.” “Rouen, the Ca- 
thedrals of Monel” through November, is 
as historically significant as it is breathtak- 
ing. Not since 1895, when Monet's dealer, 
Durand-Ruel presented 20 “cathedrals” 
in his Paris gallery, have more than a 


handful been seen together. After getting 
the Musfe d'Orsay to lend five, the Rouen 
curators prevailed an other contributors. 
The resulting ensemble enables visitors to 
approximate Monet's own vision of his 
“cathedrals” as being as distinct from one 
another as portraits of different monu- 
ments. What made each unique were the 
effects of time and weather, assiduously 
recorded by Monet's masterful palette. 

“He was no longer a painter, really, but 
a hunter,” observed Guy de Maupassant, 
who accomp an ied Monet an some of his 
painting expeditions. Monet approached 
his subject stealthily, evidenced by sketch- 
book studies as well as two paintings from 
1892: a panorama of the city anchored by 
the cathedrals spindly silhouette, and a 
view of row houses with the cathedral 
looming beyond the quarter. By the time 
he painted these scenes, Monet was infor- 
mally acquainted with his subject having 
spent his childhood in Normandy and as 
early as 1872 made cityscapes with the 
cathedra] reflected in the Seme. 

The play of light and shadow interested 
Monet far more than the building, which 
he entered only once. “Everything 
c han g es , however, in stone.” he wrote his 
companion, Alice Hoschedi, conveying his 
drive to capture such changes in “senes.” 
From a dozen views of Gare Saint-Lazare 


BOOKS 


in Paris to his famous haystack series, 
Monet used both rural and urban motifs to 
interpret the ambient effect of nature. 

The cathedrals, however, haunted Mo- 
net, who wrote to Hoscfaede, “I spent the 
night having nightmares. The cathedral 
was falling on top of me, it seemed blue or 
pink or ^Dow.” All are here, titled by 
Door, angle, and atmospheric condition. 

Repatriating the “cathedrals" is in keep- 
ing with Rouen’s ambitions artistic legacy. 
The municipal conscience to preserve art 
requisitioned from convents and churches 
since the 1700s earned Rouen one of 
France's first 15 provincial muse ums in 
1801. It opened in the former Abbey of 
Samt-Oucn. But with names like Perugino 
and Poussin in the co&ectian, the museum 
moved by 1877 to its stately 19th-century 
building. Today, paintings, drawings, 
sculptures and objets d’art display in 64 
galleries the eclectic artistic tendencies of 
the 16th through 20th centuries. 

And now, after decades of upkeep by 
mostly dusting and soldering bits of frail 
infrastructure, an interior renovation has 
filled the building with the air and lig ht 
incumbent on a setting for 17 cath edrals. 

Ginger Danto is a free-lance journalist 
based in Paris who specializes in the arts. 


PLAYLAND wrote a book about it called 

By John Gregory Dunne. 494 heartsoiyery temrao^Sf 


pages pages. $25. Random 
House. 


Reviewed by 
Mark Horowitz 


C ORRUPTION in all its 
forms, political spiritual 
and physical is John Gregory 


MUSEUMS 


CLAUDE MONET MUSEUM IN GIVERNY 

THE HOUSE - CLAUDE MONETS GARDENS 
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Dunne's favorite subject. He es- 
pecially favors physical corrup- 
tion: clogged arteries, senility, 
strokes, testicular cancer, ure- 
mic poisoning, a “cerebral inci- 
dent — and that’s just in Ms 
latest novel Dunne loves the 
morbid and tawdry. When a 
trip to Las Vegas coincided 
with a nervous breakdown, he 


authors 

to Lb Publish Your Rook. 
Mrwt subjiiV consklrtcil 
indidfiy: Rdtekm. IMnpaphy, 
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MXnnbk- StmlKe. 

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Mi-ndcr Piildblicfs Association, 


the event is a grim, funny mem- 
car called “Harp.” 

Dunne has made a thoro ugh 
study of gas chambers and elec- 
tric chairs. Corpses appear with 
unusual frequency in his work, 
and not just fresh ones. He hap- 
pens to be one of my favorite 
writers. 

“Piayland” is Dunne's 10th 
book, his fifth novel The sub- 
ject is Hollywood, something 
Dunne is perfectly equipped to 
write about, having moved 
there 30 years ago to support 
his literary habit of writing 
screenplays. He recently relo- 
cated to Manhattan’s Upper 


NEW AUTHORS! 

PUBLISH YOUR WORK J 
ALL SUBJECTS CONSIDERED 1 
Authors Worb-wtde Invited | 

Wffle or send your manusoU to 1 
MINERVA PRESS J 

gpUIBBOMPTONRO. LONDON SW7300l 


East Side to enjoy a well-de- 
served second act. 

There are three overlapping 
stories, in “Piayland,” each 
wrapped around the other, with 
three main characters, and 
three distinct time periods. The 
first story is a fictionalized bi- 
ography of Bugsy Siegel the 
Jewish gangster who invented 
Las Vegas. Called Jacob King 
here, he's a handsome killer 
sent to Hollywood by the New 
York mob to watch over their 
West Coast investments. The 
ruthless gangster falls in among 
real sharks, Hollywood movie 
executives, and they eat him 
alive. • ' 

The second story concerns 
Blue TYler, a child star in the 
1930s, Jacob King’s mistress in 
the 1940s, a victim of the black- 
list in the 1950s, and, after that 
she disappears. When King met 
her, she was a dangerously per- 
verse combination of Jean Har- 
low and Shiriey Temple, forced 
by the studio to impersonate 
the prepubesceot sweetie she no 

longer was. Jake builds his gam- 
bling casino in the Nevada de- 
sert, a temple of dreams cnlti^i 


Kmg’s Piayland, and Blue Tyler 
plays his muse: 

The contemporary story of 
Jack Broderick, the ne’er-do- 
well rich man's son who narrat- 
ed Dunne’s last novel “The 
Red While and Blue,” provides 
the third piece of Dunne's puz- 
zle. Broderick is slumming as a 
Hollywood screenwriter, a fool- 
ish and self-destructive im- 
pulse, especially if you don’t 
need the money. When Broder- 
idc accidentally rediscovers the 
missing Blue Tyler, now a bro- 
ken-down alcoholic living 
anonymously in a trailer park 
outside Detroit, the three narra- 
tives begin to intertwine. 

_ “Plajiand" is Donne's ver- 
sion of "The Great Gatsby,” 
only this time the hero gets 
shotgunned to ripatfr in Vegas 
and Daisy’s a nympho. Dunne 
is an acquired taste. He can be 
sour and mean-spirited, but 
hes smart and funny and his 
prose is always elegant and pre- 
cise. • ■ 

Mark Horowitz, who writes a 
political column for Buzz tnaga- 
Angeles, wrote this 
for The Washington Post. 








1 1 dt 







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v^r~ v^n-Av 

gR 3»S :^-a’- ^ ;,! " ;~V : 

Iniemai^^fMraJd Tribune, Saturday-Sundny. August 13-14, 1994 




Raw Panic 9 Sinks Lira in Wake of Rate Rise 


THE TRIB INDEX: 115.36® 

International Herald tribune WbrtS Stock inctexC, composed of - 
280 internationally Invesiable stocks from 25 countries, compiled 
by Bloomberg Business News. Jan. 1 , T992r=100: - 
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IpfiBi Ml 

World Index 

i 

:j; r ; ' 


| As Ux.'Pjtcitic 


£uro pe 

warn 

Approtiiwishfc)(F32%' . . ^ 
Cte* 132.32 Prwi183JS‘ 

>0. r- — : 

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OtifiB:11674PrW_-1iaj32 



Compiled by Our Staff From Dispaldu t 

MILAN — The lira tumbled again 
Friday to a new record low against the 
Deutsche mark while the battered 
Italian bond and share markets 
slumped in a desperate search for sup- 
port. 

Tbe declines occurred a day after 
the Bank of Italy nosed interest rates 
in an unsuccessful bid to sustain the 
currency. 

“It is raw panic, it is brutally ugly, 
and it is going lower," said Greg 
Walsh, share trader at Banco di Napo- 
li Sim. 

The Swedish krona also fell sharply 
as investors reacted negatively ro the 
rate increase there. 

Calm began to return to markets 
elsewhere in Europe, aided by a rally 
in the U.S. bond market and a percep- 


tion that Italy's and Sweden's prob- 
lems were unique. 

The mark rose to an all-time low of 
1,03250 lira in London trading, com- 
pared with 1,02220 on Thursday. The 
ura has lost 27 percent against the 
mark since the Bank of Italy raised its 
dimount rate by one-half point to 7.5 
percent Thursday. 

The yield on the benchmark 10-year 
Italian government bond rose to 
JGJ73 percent from 9.781 percent on 
Thursday. 

Tbe Milan stock market fell to its 
lowest level since early March, three 
weeks before Silvio Berlusconi's Forza 
Italia won national elections, with the 
MIB index tumbling 3.7 percent to 
1,041. It was the biggest angle-day 
loss since Aug. 19, 1991. 

"To understand this you have to 
realize that the country, with a serious 


fiscal situation and growing debt, can 
only survive with low interest rates 
and a stringent fiscal policy," said 
Marco Piandli, economist at Nomura 
Research International 

Every percentage-point rise in dis- 
count rates is estimated to cost the 
state an annual 10 trillion to 15 trillion 
lire ($6.6 billion to S9.4 billion) in 
added interest payments on debt. 

The government says it wants bud- 
get deficit sayings of 45 trillion lire in 
1995, two-thirds of this coming from 
spending cuts and the rest from non- 
tax revenue. 


"I wouldn't touch Italian paper 
with a barge pole ” said John Phil poll, 
associate director at GH Asset Man- 


agement 

The mark also rose as high as S.0370 
Swedish krona before ending at 
5.0140, up from 5.0100. 


Analysts said the Swedish govern- 
ment had missed the point by using 
interest rates to tackle a problem with 
its roots in state borrowing 
“The Riksbank is seeing inflation 
ghosts th 31 110 o®? ^ ^ sec '” said 
Nordbanken’s chief economist Olle 
Djeif. “The move is counterproduc- 
tive and dangerous.” 

The mark and Swiss franc were the 
big beneficiaries cm the day as the sale 
of European assets seal investors to 
the haven of short-term mark and 
franc deposits. 

Investors have interpreted the 
moves as a sign of a turn in the Euro- 
pean interest-rate cycle. 

“There’s no way you’re gang to see 
any more rate cuts across Europe 
now,” said Marc Altman, head of Eu- 
ropean equities at Citdit Lyonnais 
Securities. (Reuters. Bloomberg AFX) 


Italy’s Industrial Giants Turn Chaos Into Profit 


••• 



1994 


1994 

1 North America 


tatin America 


Approx, waging: 26% 
CkJSK S4A1 Prevj 3171 

m 

AppiOK. matting: S% 
Close: 13852 Prw:iaZQ4 

m 


By James Hansen 

Special to I he Herald Tribute 

MILAN — The turmoil in 
the Italian economy has had a 
peculiarly bracing effect on 
Fiat SpA, Olivetti SpA, Pirelli 
SpA and Montedison SpA. the 
country’s industrial giants. 

Thanks to rising exports, 
these companies are re turnin g 


daily La Repubblica somberly 
advised investors to put their 


they should have done years 
ago, like take a hard look at 


money into agricultural prop- costs and move their marketing 
my so they would at least be effort nearer to customers." 


able to eat when the inevitable 
crash came. Now, thanks to a 
devalued lira and savage cost- 
cutting, leading industrial 


Alberto De Macchi, a staff 
economist with Olivetti, 
agreed thaL “this recession, the 
worst in tbe postwar years, has 



these companies are returning that break-even or better is 
to profitability alter a grim just around the comer. 

1993 in which they collectively Gianfilippo Cuneo, an Ital- 


had the worst annual results 
since World War IL although 
it is not dear that they have 
the willpower to maintain the 
job-dropping, cost-slashing 
philosophies that pulled them 


World Intin 

7 ha Meet back * US. dollar lattaoa at etoda be Tokyo, .Now York, London, and 
ArgenUruv Ausftgflo, Austria, Bofghsn, Brazfl, Caoscfa, CNH Denmark; fWmd, 
France. Germany, Hoog Kong, Haty, te mdeo. HtBw dmte . Now Zealand, Norway, 
Singapore, Spain, S weden, Swttmrtend and Venezuela. For Tokyo, No* Yak and 
London, tfto mdox is co mp ose d at the 20 top Issues in terms (d market cefdakza&on. 
orhetwtoethe ten lopeexka am tracked - - -■ 


Industrial Sectors 


out of the red. 

Just a year ago, the Rome 


concents are suddenly saying been a spur to restructuring 
that break-even or better is efforts.” But he cautioned that 
just around the comer. cost-cutting alone was no red- 

Gianfilippo Cuneo, an Ital- pc for recovery, ‘rimless it 
ian management consultant, helps gain in efficiency and 
has a one-word explanation efficacy as well." 
for this turnaround: fear. Italy needs efficiency and 

“They were scared to death,” efficacy. The economic situa- 
fae said. “These companies don is precarious. Although 
found themselves with their gross domestic product is ex- 
backs to the wall and that pected to expand by I percent 
forced them to finally do things this year after a 0.7 percent 


contraction in 1993, more ly’s withdrawal from tbe ex- 
ihan 1.4 million jobs have change-rate mechanism of the 
been lost in the past two years. European Monetary System in 
Domestic consumption has 1992 
been dropping sharply — 21 According to ISTAT, the 
percent in 1993, triple the Italian government statistical 
drop in GDP — and the trend agency, the trade surplus near- 
is still negative. 7 his means ly doubled in the first five 
companies, caught against a months of 1994, to around 12 
background of rising taxes trillion Ere ($8 billion), 
and falling state spending Tbe first and most impor- 
must depend on exports. tant beneficiary of the export 
A silver lining in the deficit boom has been Fiat, which 
cloud is the weakness of the some economists estimate ac- 
lira, which made Italy a low- counts directly and indirectly 
cost exporter even before the for as much as 20 percent of 
currency's renewed plunge Italian economy, 
this week. Exports rose 9 per- The automaker lost nearly 
cent in 1993, supercharged by 1.8 trillion lire last year, its 
the lira devaluation after Ita- See ITALY. Pane 9 


irrency’s renewed plunge Italian economy, 
is week. Exports rose 9 per- The automaker lost nearly 
m in 1993, supercharged by 1.8 trillion lire last year, its 
e lira devaluation after Ita- See ITALY, Page 9 


U.S. Clothing Industry Seeks New Import Rules 


EntfB> 113-49 112J3 4058 

UtiBttM 126.29 12634 4 >j04 

Finance 117.36 118JS -058 

Semites 120.43 120.76 4127 


Capital Goods 
RMBakktfll ~ 
Consumer Goode 


117.05 117.63 4U8 
131,48 131,72 -0-18 
102.13 101.68 -ffl.43 
13151 132.15 -0.48 


By Peter Behr 

Watk'ntgtan Post Semee 


ing-industry and union officials keL American retailers warn Eon of 
want Congress to rewrite the that clothing prices will rise if clotbin, 
“roles of origin" that help gov- China's low-cost imports are re- States, 
era the amounts of cloth ina that duced. nrelimi 


WASHINGTON — Con- “roles of origin” that help gov- 
sumers may not think twice era the amounts of clothing that 


For more mtonnaton atouf the Max. a booklet fs avadobta Sm of ettarge. 

Write to Trb Index. 181 AemueChariesde Qaute. 92521 Notify Codex. France. 


about whether a shirt or dress can enter the United Stales 
label says “Made in China” or from China and other major ap- 
“Made in Hong Kong.” But tbe pard-manufacturing centers, 
distinction matters to William The proposed law would im- 
Farley, chairman of Fruit of tbe pose a sizable cut on imports 
Loom Inc from China, the leading suppli- 


okvacnationai Hmu Titiim j^ r Parfey and other cloth- er of garments to the U.S. mar- 


ECONOHIICSCENE 


The House of Representa- 
tives Ways and Means Commit- 
tee agreed to the changes, but a 
similar provision failed last 
week failed in the Senate Fi- 
nance Committee on a tie vote. 
The issue will be resolved by 
House and Senate negotiators 
as part of legislation changing 
U.S. laws ip conform with a 


Monetary Union: Still Very Much Alive 


ByEriklpsen 

International Herald Tribune 

L ONDON A year ago this 
month, Europe’s currency grid 
collapsed after one last tumul- 
tuous tussle between specula-, 
tors and central bankers. Out wont the 
old narrow trading bands and the need 
for central banks to defend them. In 
came bands broad enough to raise the 
question — why bother? 

In retrospect, economists now argue 
that what is remarkable is how little 
those supposedly titanic events actually 
changed the course of monetary poUcy. 
A year after Europe’s .policymakers 
bowed to tbe markets and abandoned 
formal attempts to keep tbdr currencies 
in close alignment, they are suD doingit, 
albeit informally. 

Hung Tran, bead of research at Deut- 
sche Bank in Frankfurt, refers to it as a 
“mental narrow band” guiding the hands 
of tbe Continent's central bankers. 

A year ago the notion that such a state . 
of affairs would endure was simply un- 
thinkable. Freed from the need to keep 
their currencies within hailing distance 
of the mighty Deutsche mark on world 
foreign exchange' markets, - experts 
agreed that central bank governors from 
Paris to Copenhagen would quickly slash 
interest rates. ■ 

Germany faced a turique set of prob- 
lems arising from reunification: Its Con- 
tinenial partners despatately needed to 
get thear economies moving again. The 
way to do it was to follow the British lead 
of a year earlier, the so-called cut-and- 
run option. ’ . • 


To almost everyone's surprise those 
cuts did not come, at least not from 
where they were supposed to have come. 
In the end it was the Bundesbank that 
moved first. “Everyone was still follow- 
ing Germany but Germany moved much 
faster to cut interest rates than anyone’s 
wildest dreams," said Esther Baroudy, 


'Continental central 
bankers Rave shown a 
willingness to adopt a 
single monetary policy — 
the Bundesbank's.’ 

Adrian fjmi»iwgfc«« T 
London economist 


senior economist with Credit Lyonnais 
Capital Markets in Paris. 

• ' As a result the concept of monetary 
union remains very much alive. “Conti- 
nental central bankers have shown a will- 
ingness to adopt a single monetary poli- 
cy — the Bundesbank’s,” said Adrian 
. Omning ham, international economist at 
Union Bank of Switzerland in London. 
“As a result it will advance the cause of 
monetary union.** 

-The simple fact is that the Continent 
has emerged from its recession with its 
economic policies and, even more impor- 
tantly, its ecxraomies, more closely in line 
than ever. Even tbe most ardent fans of 
monetary union still concede that a com- 


mon currency is not likely to come this 
century. Mr. Tran calls the high govern- 
ment deficits and huge accumulated 
debts of many European governments 
the Achilles hed of monetary union. 

Tbe figures are daunting even for such 
paragons of economic virtue as Germa- 
ny. Bonn's public- sector deficit this year 
is forecast to be slightly more than 6 
percent erf gross domestic product com- 
pared with the ceiling of 3 percent stipu- 
lated by tbe Maastricht treaty as a condi- 
tion for monetary union. France’s deficit 
is expected to total just below 6 percent 
of GDP this year, while Italy and the 
Netherlands are just below 10 percent 

To get their houses in order, Europe’s 
governments are looking at years of fis- 
cal tightening. 

Others wonder almost exactly what 
they were wondering a year ago: Can 
Europe afford its grand vision? Keld 
Holm, senior international economist at 

I .chip an Brothers in London, notes that 
unemployment in Europe now stands at 

I I percent and shows little sign of fall- 
ing. He also notes that the Organization 
for Economic Cooperation and Develop- 
ment predicts that by the year 2000 Eu- 
rope will still have an unemployment 
rate of 10.5 percent. 

He. too. expresses surprise over the life 
after death for the European currency 
grid. Unlike his counterparts on the Con- 
tinent. however, Mr. Keld insists that it 
is unfortunate. “Everything looks rosey 
today but monetary policies based on a 
desire for low inflation might not make 
that much sense anymore.” The costs in 
unemployment are simply too high. 


U.S. laws ip conform with a Beginning in the mid- 1980s. a 

global trade agreement. series of Customs decisions 

The maneuvering on clothing held that a garment's origin was 
quotas is part of the struggle based on where its fabric was 
over the trade agreement, which cut. Before that, the origin was 
is an expansion of the General based cm where a garment was 
Agreement on Tariffs and sewn and assembled. 

Trade. 


lion of the $40 billion in annual saw the opportunity to change 
clotbingexports to the United the rule back to the “sewing and 
States. Chinese factories also do assembly” standard this sum- 
preliminary stitching on a large mer when the GATT legislation 
share of clothing imported from went before Congress. 

Hong Kong, Singapore and Ron Sorini. Fruit of the 
other Asian countries. Loom’s senior vice president 

The goal of the U.S. apparel and a former chief textile nego- 
indusiry is to have those gar- Uator * argued that returning to 
roents from Hong Kong and * sewing and assembling rale 
other Asian countries be count- brought matters back to realis- 
ed against China's quota. China For °“ r T-shirts, for exarn- 
is already at its limit. P lc - only 2 percent of the work 

_,.... . . tnQr . - IS cutting, he said. When Chi- 

Bcginmngin the mid- 1980s. a na j s doing 90 percent of the 
EJ* ‘ Customs decisions work , Ac ] abd ^ houid read 
held that a garment s ongn was - Madc jn he ^d. 

based on where ,u* fabric was „ K wberc ]abor 
cut. Before dial, the origin was rales have risen to $8 an ^ 
based cm where a garment was ^ no Ionger assemble clothing 
SeWn and assembled. ,1 nvlc anrl rhne ic 


In only a half-dozen years, 
China has surged to promi- 
nence in the world's apparel in- 
dustry because of its labor rate 
of 40 cents an hour and a dy- 
namic collaboration with state- 
of-the-art fabric-cutting fac- 
tories in Hong Kong. 

China supplies about $7 bil- 


sewn anu asscmoieo. at competitive costs and thus is 

Cross-border partnerships left with quota allotments to the 
sprang up between such leading United States that it cannot use. 
UB. retailers as Limited Inc. and Mr. Sorini said, 
sophisticated factories in Hong The joim ventures between 
Kong employing high-speed la- Hong Kong's cutting factories 
sere to cut fabrics for assembly and China’s assembly shops 
in China. These garments were represent an end ran around 
counted against Hong Kong's U.S. quotas, Mr. Sorini said. 


quota, not China’s. 


The U.S. clothing industry the approach. 


and other countries are copying 


Page? 

U.S. Retail 

Prices 

Climb 

But Data Cool 
Rate-Rise Talk 

Compiled by Ov Staff 

WASHINGTON — Con- 
sumer prices rose OJ pCToem m 

July — the same as in Jn® 5 

primarily because higher gaso- 
line costs pushed energy P nc ?? 
into their steepest climb m to 
months, the government saia 

Friday. 

The Labor Department said 
its consumer price index in- 
creased for the sixth straight 
month, but for the year the in- 
dex is up just 27 percent at an 
annual rate. That equals the 
moderate 2.7 percent mQatiofl 
recorded for all of 1993. 

Analysts said inflation was 
under control but that they still 
expected the Federal Reserve 
Board, worried about possible 
future inflation, 10 raise short- 
term interest rates next week for 
the fifth lime this year. 

“By hiking rales they vre 
sending a signal the economy is 
too fast and something has to be 
done.” said Carl Pal ash of MCM 
Moneywatch in New York. 

But the data caused many an- 
alysts to scale down their fore- 
casts for the size of a rate rise to 
a quarter of a percentage point 
from a previously expected half 
a percentage point 

The prospect for a smaller 
rate rise lifted Treasury bond 
prices. The new 30-year Trea- 
sury bond, which was auctioned 
Thursday, rose to 100 7/32 and 
the yield was at 7.48 percent, 
down from an average yield of 
7.56 percent when it was sold. 

The Fed's policy-setting 
Open Market Committee will 
meet to discuss monetary policy 
Tuesday. 

The overall rise in consumer 
prices was in line with econo- 
mists' predictions, and the core 
rate, which excludes volatile en- 
ergy and food costs, was a little 
less than projected. 

“Consumers are just refusing 
10 pay higher prices,” said Brian 
Wesbury, an economist at Grif- 
fin. Kubik, Stephens & Thomp- 
son in Chicago. “It's a unique 
occurrence in the history of in- 
flation in the U.S.” 

The government also said 
Friday that business inventories 
rose 0.4 percent in June, ihe 
third straight increase, on top of 
a May advance that was the 
largest in nearly seven years. 
Analysts anticipated the June 
increase would be only 0.1 per- 
cent. Business inventories nave 
risen in five of the last six 
months. (AP. Bloomberg} 


Baby Bells Try for Part of Hollywood 


By Sandra Sugawara 

Washington Past Service 


banker, finding companies that 
the so-called Baby Bells can in- 


WASHJNGTON — In tbe vest in, a source said- 
latest sign erf the further meld- Spokesmen from all four 
mg of Hollywood and the tech- companies declined to com- 
nology industry, three regional menu But details still need to be 


telephone companies are dis- worked out and no final agree- 
cusang a joint venture with meat has been reached, the 
Hollywood agen t Michael Ovitz sources said, 
to bring movies and other pro- Both Hollywood and tech- 
g rammrn g to homes, sources nology companies are seeking a 
close to the talks said. way to profit from the emerging 

With its extensive Hollywood “new media” that combines 
contacts, Mr. Ovitz’s Creative digital technologies and pop 


ogy and the construction of panies have been talking direct- 
more sophisticated telephone ly to various people in Holly- 
neLWorks are enabling the Baby wood about possible deals. 
Bells to expand far beyond their sources said. 

■ OMe TV-Phone Measme 
deliver entertainment and other The Senate Commerce Corn- 
services to the home. mittee overwhelmingly ap- 

The phone companies say proved a bill Thursday that 
that if they do not offer enter- would allow local telephone 
tainment, then cable compa- and cable television companies 
nies, which plan to offer tele- to enter each other’s businesses, 
phone services, will steal their The New York Times reported 
best customers. from Washington. 

But one of the major stum- If enacted, it also would 
bling blocks for telephone com- gradually free the seven Baby 
panies has been obtaining Bell companies to offer long- 
rights to movies and other pro- distance service, 
gramming. After weeks of negotiations. 


contacts, Mr. Ovitz’s Creative digital technologies and pop best customers. 

Artists Agency is expected to culture. On Monday, Walt Dis- But one of the major stom- 
hdp Bell Atlantic Corp„ Nynex ney Co. announced it was form- bling blocks for telephone com- 
Corp. and Pacific Telesis ing a venture with the regional panies has been obtaining 
Group Inc. obtain rights to en- telephone companies Arneri- rights to movies and other pro- 
tertainmem programming. Cre- tech Inc- BellSouth Corp. and gra mm i n g. 
alive Artists also is expected to Southwestern Bell Corp. In recent months executives 

act as the group’s investment Advances in digital techno!- from a number of phone com- 


In recent months executives 
from a number of phone 00 m- 


the committee approved the 
measure by a vote of 18-2. 


CURRENCY AND CAPITAL MARKET SERVICES 


CURRENCY & INTEREST RATES 


Cross Bates Aug. 12 

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Key Monsy Rates 


United Stotw 
DtasNttiate - 
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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, AUGUST 13-14, 1994 


■i -.!.=.-• rr. 


Page 8 

MARKET DIARY 


** 


Tame Inflation Data 
Cheer Wall Street 


Compiled by Our Staff From Dispatches 

NEW YORK — WaJJ Street 
was cheered Friday by a gov- 
ernment report showing infla- 
tion in check, which may have 
lessened the chance the Federal 
Reserve Board will raise rates 
sharply next week. 

While most analysts said they 
stiO expected the Federal Open 
Market Committee to raise 
rates when it meets Tuesday, a 
moderate increase in consumer 


U.S. Stocks 


prices for July prompted many 
to lower their forecast on the 
size of a rate increase. 

The Dow Jones industrial av- 
erage rose 17.81 points, to 
3,768.71. and advancing issues 
edged out decliners by a 3-to-2 
ratio on the New York Stock 
Exchange. 

Stocks also got a lift from 
firm bond prices. 

Among individual issues. 
Caterpillar rose 2V& to 105 ‘/a af- 
ter it said its worldwide sales 
and profit would be stronger 


than expected and that a strike 
would nave lit 


little impact on 
third-quarter results. 

Exxon rose 2 to 6056 after a 
federal court ordered the com- 


pany to pay lower compensa- 
tory damages for a Valdez. 
Alaska, oil spill than the plain- 
tiffs had asked. The settlement 
led some analysts to thick that 
the jury would lower its award 
on claims of S 1 5 billion in puni- 
tive damages connected with 
the 1989 spill. 

Eli Lilly erased gains and 
ended flat amid speculation 
that Britain's Glaxo Holdings 
might make a takeover bid for 
the drug company. 

Amgen rose Hfe to 53'A on 
expectation for more drug-in- 
dustry mergers after American 
Home Products' $8.5 billion of- 
fer for American Cyan ami d. 

Bucking the trend. Syntex fell 
1 to 21% on talk that Roche 
Holdings* $5.8 billion takeover 
offer for the drug company had 
unraveled. Syntex denied the 
agreement had collapsed. 

Federal Express, the over- 
night shipping company, rose 
1% to 66 after it said its July 
average daily volume rose 17 
percent from a year ago. 

United American Healthcare 
gained l 3 A to 19% on reports it 
was poised for huge growth as 
millions more Medicaid recipi- 
ents are drifted to managed 
health care. (Bloomberg, AP) 


Ym AuaoM torn 


Aug 12 



Dow Jon os Averages 


Mgfa Low Lo*» Cbg. 


Indus 3741.2a J77431 37«8l 376471 - 17.81 
Tram 1 591 80 T«X 12 1571.17 160080 -U1 
Util 187.51 ISM? 187.45 188,77 -U2 
anno 1X144 1307.55 1301-27 130837 -UJ 


EUROPEAN FUTURES 


Metals 


cioh 


bu Ask 

I GfOtteJ 


Standard & Poor’s Indexos 


Hlgb Low Close Qi**e 
538J9 53C7B 538.40 +162 
5&80 38092 38284 +055 
14049 13934 159 JB +054 
4SJ8 45M 4X33 + 0*5 
44127 45888 461X4 +3JJ4 
iwio 423J2 +170 


NYSE Indexes 


Mgk LOW Last CDs. 


composite 

Industrials 

Irons®. 

utwtv 

Finance 


2S4J9 253J1 2SL77 *-144 
31441 31247 31434 -147 
24485 24047 24122 -028 
21241 211.11 212JH -082 
21195 ZI2JB 21335 -147 


NASDAQ Indexi 


Hfeh Low Law Cko. 


Traders Leave Dollar 
For Safety of the Mark 


Bloomberg Business News 

NEW YORK — The dollar 
fell against the Deutsche mark 
for a second day Friday as in- 
vestors sought a haven from 
slumping European stock and 
bond markets. 

The U.S. currency pared its 


money somewhere, Germany is 
the place to do it," said Michael 


Faust, international portfolio 
BiehJ 


Foreign Exchange 


losses, however, after a govern- 
ment report showing that infla- 
tion remained under control. 

The dollar closed at 1.5512 
DM, down from Thursday's 
close of 1.5600 DM. It strength- 
ened marginally against the 
yen, moving to 100.17 from 
Thursday’s 100.13. 

The move into marks started 
Thursday after the Italian and 
Swedish central banks raised 
interest rates. “Marks are the 
currency of choice when there's 
trouble in Europe," said Belal 
Khan, chief dealer at the Bank 
of Tokyo. 

“If you’re looking to park 


manager at Bailard, Biehl & 
Kaiser, a San Mateo, Califor- 
nia. money manager. 

The dollar has fallen 10.5 
percent against the mark so far 
this year, making investors 
wary of further declines. 

But the dollar steadied 
against the mark and other cur- 
rencies after the U.S. Labor De- 
partment reported that con- 
sumer prices rose 0.3 percent in 
July, in line with expectations. 

“If the U.S. bond market 
doesn't respond well to a rate 
increase from the Fed next 
week, the dollar is in trouble.” 
Mr. Faust said. 

The dollar weakened against 


JHT 

NYSE Host Actives 


VoL HMtl 

Low 

Last 

ova. 

5yrrtex 

73589 33* 

20** 

21*6 

—1 




S2'h 


TeiMex 

39088 MVh 

*3*4 

639. 

-1* 

Gene s 

Z751B 48 V, 

47H 

0 


Exxon 


59V. 

60 V* 

*2 

WalMart 

23694 24 V. 

23 Vi 

24 

—V* 


21725 25H 

34 V. 

35 


WsfgEI 

19643 12<* 

11V* 

119* 


IBM 

19660 65V* 

61 Vi 

(31* 

—16 

M»dt 

19263 33 V. 

31*6 

32 V* 

“ v* 

Humana 

18454 19% 

17** 

IS** 

—V* 

AirTchn 

16027 i** 

25H 

26V* 

* 1 to 

BnkTrp! 

17097 25* 

24V. 

249* 

—to 

Rhodes 

16925 12’« 

8** 

9 

—3 V* 


16523 tfh 

6** 



| AMEX Most Actives 


VoL Hfflh 

LOW 

Lost 

Oig. 

ChevSfls 

11561 9to 

9*6 

9V, 

—1* 

tvaxCP 

8725 194* 

19V6 

191* 

-to 


6209 6N 

M* 

*M 

—to 

RavsPOg 

5333 

4 



TWAvtg 

4904 UP 

>V» 

IV* 


EchoBay 

*539 11M 

10*6 

11 

—Vi 


3*31 3M 

359. 

36 


ENSCOs 

2556 159* 
2668 33M 

15** 

15V* 


Ban 

32*4 

33 V* 


teeavis 

ZOO jv* 

2R5, 

31* 

—to 

NASDAQ Most Actives 


VoL Htoh 

LOW 

Lad 

Chg. 

APwrCvS 

28488 17V, 

14V5 

I7V6 

-96 

Amoen 

28464 SSW 

a 

S3** 

-IV* 

1 IW 

m * ■ S nl 

995 c. 

60V* 


TwrAuta 

B , 11 

im 

117. 


TelCmA 

25908 23* 

225, 

23 

• to 

Cisco s 

244«i aw 

219* 

at* 



23916 55* 

54*. 

SSVi 


Sybase* 

23435 4416 

42 

42 V* 

— l-V* 

Genski 

23717 10V. 

*W 

9V, 

—to 

SkvSoen 

Z2631 2 

IV* 

I'Vn 


Metnanx 

71232 15+i 

15V6 

15V* 

—to 






IrdoDv 

18540 21 W 

20V* 

21 

*lto 

USHtths 

181® 41V. 

40 'A 

40M 


LCDS 3 

18082 22\i 

a** 

a vs 

—V* 

Market Safes 


Composite 731.14 729.11 73134 

Industrie*! 730.43 720.17 73042 

Banks 77442 772.90 77433 

msumce 91230 90734 909.74 

F inance «U0 94244 0047 

Trans). 


*244 


*-147 

-1J9 


7X140 71840 72140 -340 


AMEX Stock Index 


44344 44343 44370 +0l4S 



Today 

Prev. 


dose 

cans. 

NYSE 

30-30 

33409 

Amok 

13a 

19-S 

NOSOOQ 

235 M 

331.77 


Dow Jones Bond A 


Prev ious 

BM Ask 

ALUMINUM (HIM I. 

Dorian per metric too . 

3pgt M6ZX9 146X00 M57SQ 1458® 

F o r w ard 149000 1491® MBS® 148558 

COPPER CATHODES (HIM Orooe) 

Dorian pei- metric ton 

Spot 7408® 2489® 2413® 2414® 

Forward 2112® 2413® 2417® 3418® 

LEAD 

Dorian per metric toe 
SAX 554® 557® 35450 559® 

Forward 573X0 575® 577® 578® 

NICKEL 

De Ron Mr metric tea 

S 5895® 5705® 5770® 5780® 

Hard 5781® 5775® 5655® 58*5X0 

Dorim per metric tea 
Soot 5170® £140® 5180® 5185® 

Forward SUMO 5250® 522® 52*000 

ZINC (5aedol High Grade) 

Dorian per metric ion 

Spot 943® 944® 944® 945® 

Forward 987® 90® 90® 9tt® 


Financial 


9X99 —0.14 

9123 —0.12 

9254 —0.12 
92.14 — 0.13 
91JS —0.12 
91/0 —an 
91® — au 

91® —AID 
9183 —0.18 

9065 — 0® 
9054 —007 

9042 — 007 


30 Banda 
10 uttimes 
10 Industrial 


Cb*ge 
+ 009 

— ADI 

18153 +020 


97® 


NYSE Diary 


843 

754 


7V 

1378 

499 


AMEX Diary 


278 

257 

257 

299 

241 

262 

77S 

m 

M 

14 

17 

18 


NASDAQ Diary 


1749 

1318 

2028 

5091 

77 

73 


1443 

1817 


Spot CommodWoo 


C oo oer etectrotyt i c. lb 
Iran fob, ion 
Lead, lb 
Silver, troy az 
Steel (scrap), tan 
nn.ib 
Zinc. Eb 


Today 

0882 

143 

213® 

038 

S.KH 

11947 


0642 

1.12 

713® 

038 

&1M 

11967 

34353 

04823 


HM U to O 0» CDoase 

3-MONTH STERLING (UFFE) 

00*380 - an at 104 act 
Sea 9407 9197 

Pec 9139 9117 

MOT 9271 92® 

J00 92® 92® 

Sen 9L77 9182 

Doc 9163 9140 

Mar 91® »UJ9 

Job 9098 9090 

Sep N.T. N.T. 

DmC 9058 9042 

Mar 9043 9033 

J«a 7029 9027 - 

Est. volume: 89622. Open ini.: 54L8SS. 

3+40 NTH EURODOLLARS (L1FFB) 

tlmgnoa-PtfOMMPd 

9467 +0® 

94.15 + OB4 

93® +003 

9346 +034 

— — 9X27 +OD3 

Est votume: 178. Open Hit. : 7648. 
SMOOTH EUROMARKS tLIFFEl 
DM1 million- pilot IN Ptf 
SOP 9561 9455 M58 —082 

Dec 946S 74.71 94® —a® 

Mar 94J5 94X3 M40 — 005 

JB» 9621 9+09 94.16 —005 

5*0 9190 91B0 9186 — 0117 

DOC 9344 9343 9347 —0,10 

MOT 9143 9134 9137 —00? 

J*M 9125 9115 9119 — 0® 

Sep 9104 93® 9103 —059 

DOC 9245 92® 9263 —009 

MOT 9249 928S 92® — OJK 

JOO 9246 9248 9247 —059 

Eat. volume: 158611. Open klM 801*25. 


SOI 

94*7 

9481 

Dec 

N.T. 


Mar 

N.T. 

N.T. 

JOB 

N.T. 

N.T. 

sea 

N.T. 

NT. 


SMOOTH PI BOR (MAT I FI 
m mAtlon -jfes of leogcf 


doc 


Jue 


M08 —018 
«U9 —024 

9144 —ft® 
9120 —0.19 

9258 —0.16 

9278 —014 

9251 —016 
92® —015 


9175 

*368 9361 

91® 9154 

92® 9173 

Dec 9276 9255 

MOT 9260 9263 

Jon *264 *2® 

Sat. volume: 117644. Open mt.: 191,211 
LONG GILT (UFFE) 

meao-pta A32ndaef mpet 

SOP 101-05 99-22 10022 +MS 

Doc 100-18 99-13 HXK» +54e 

Eat volume: 40601 Open mt.: I196SO 

a^»^ 5 XS" BUMD(URFID 

Sep 91® *0® 9168 —ft® 

D Ot. voriimeMM,i9a^Sji mtfi6763t 

Sop 1142S 11250 11*54 —162 

Dec 11134 122® 11120 — 1® 

MCT 11264 121® TT246 — 094 

JOP N.T. N.T. 11154 —078 

Eat. volume; 271678. Open mt: 127441 


Industrials 


LOW LON Settle Q|*M 


Htpfe 

GASOIL (IPE) 

U4. donors per metric ton-tots at 100 tom 
Sop' 15*40 152® 133® 15275 — 2® 

Oct T 57.75 156® 156® 156® —2® 

NOV 160® 158.90 15075 15075 —2® 

DOC 182® 140® 16025 16025 —175 


Joe 

F»b 

Mor 


HWi Lew Lost fettle at*ge 

IfflW 1AZS0 lfiTJH 1AT71 wwjug 

ldW5 HW0 1 42M -2» 


v. w= 

N.T. H.T. N.T. 157® — 


3® 


MPT 

Juno 157® 156® 15650 15625 —2® 
EsL votume: lUtt . Open kit 94252 


BRENT CRUDE OIL (IPE) 
116. denars per bamfrMs a 


oa 


Dec 

JOB 

Fed 

Mar 

Apr 

MOV 

Job 

JIT 

AM 


diMtarili 
TJM 1650 1655 1455 —054 

1761 167* 18® MJ1 —867 

17® 1672 1672 1678 —047 

17.14 NU4 1673 1470 —068 

17® 1 645 1460 U60 —044 

1690 1668 14® U® —065 

1*8* 1445 1665 1665 —065 

14® WJ4 1*74 163* -OC 

1674 1676 1674 1636 —045 

1674 1672 1674 1643 -OB 

1674 16® 1649 1631 -04$ 

NT. N.T. N.T. 1631 —045 


esf. volume: 5X423. OpenM. 118305 


Slock Indexes 


HMl 

[UFFE} 

enpefnt 

Loot 

don 

31*88 

91110 

3I5M 

31(00 

31338 

31715 

NT. 

NT. 

T192.5 


•*5 Pfr 

ss 

“Son 

CAC 88 (MAT IF) 

PPM per Max point 

AM 2032® 2001® 2D T9® —24® 

Stf TO P® 2010® 202650 —24® 

Oct 2038® 2024® 20M® —22® 

Dec 2051® 2047® 2055® —23® 

Mer 9064® 2884® 2882® —23® 

Eat votume: 20516 Open mt.: <3®*. 


Sources: Mom, Associated Proto, 
London mn Financial Futures Exchange, 
list) Petroleum ExOxrtotL 


Dtvfdmnds 


IRREGULAR 


Latin Am Eauttv 
Latin Am Inv 
Portugal Fund 


_ 3700 8-W M6 
_ 8*93 8-W 9-16 
. 81 0-19 9-14 


STOCK 

Bamar Carr Sva Inc .5% 90 9-14 

REVERSE STOCK SPLIT 
Xacrtbe Com 1 lor 3 reverse MIL 
STOCK SPLIT 

Wrfcngmm QtfJMlnca tor 1 aptlt. 


INCREASED 

Brandon S ystems Q SO MS ttt-12 


Huntcntnc _ 3125 8-22 Wi 

NFS FM Q -13 8-26 9-13 

Partner* PI Ytd A Q ® 9® 10-14 

Partners Pf II « 36 9-30 10-14 

Partners Pt III Q 32 9-39 10-14 

Price REIT in® o AS P* MB 


CORRECTION 


AauflaGas 

RovMnp record date. 


J012S 8-23 9-16 


OMITTED 


SrmsCers 


REGULAR 


AilateteCarp 


Ltd A 

CV REIT 
Coeanoorptne 

iS*ni?KUca 

GFCFPnrt 
Gtobal HI Inco 

In ^jqriS ml Fht 
Imresttnont Co Am 
John Nwcen 
Maderas Skdct 
Natl Data 


A 

. __ C Axncr 

PalndWcb ProroHI 
Std Commercial 


W riu igniwi CpHMa 

WortSvlde 


Dollar 

b-apprax amount per ADR. 


O 

.10 

M 

9v» 

Q 

.19 

8-31 

9-15 

a 

8ft 

11-1 

11-30 

a 

87 

93 

KW 

Q 

.13 

fr-19 

9-1 

a 

.123 

Ml 

MS 

Q 

® 

9-1 

10-3 

D 

.18 

9-1 

HK5 

M 

.115 

+19 

+2* 

a 

.10 

9-Z7 

10-7 


.1* 

8-25 

M 

Q 

.11 

9-2 

M 

Q 

.M 

9-1 

9-15 

b 

25D6 

•-19 

96 

a 

.11 

0-15 

Ml 

g 

.IK 

KL7 

10-31 

a 

® 

MB 

10-U 

Q 

JO 

8-25 

MS 

M 

.11 

8-19 

0-2* 

O 

.10 

M 

M2 

Q 

.17 

0-19 

92 

Q 

25 

9-1 

MS 

O 

.14 

99 

9.23 

M 

.IDS 

0-19 

Ml 


U.S./AT THE CLOSi ^l - 4 


Ilmlrin Increases Share Repurchase 

CHICAGO (Bloomberg) -Unitrin 
Mfion bid from Amentan General million 

increase its stock repurchase program by as 
shares, or more than 19 percent of its common stoct 
The insurance company said it expected the , 

the shares more valuable: Umtnn said the buyback * 

made with corporate funds , but it woi^i , 2 it 

Houston-bwed insurer American Genei^ di^ioscd Au §- * * 
w* oS£g»3T5-a- share for Unitrin's 5W million shares 
outstanS^a bid that Unitrin initiaUy rejected last month. 

U.S. Firms Attract Foreign Capital 

NEW YORK (AP) — Forri^ pmctos.of 
nies surged to a record pace.m the first six months of 1994, 
according to an interoatirmal financial services firm. 

Fo^ concerns spent $26 billion, on more than MO amnia- 
dons, joint ventures and minority investments in the uniiea 
States in the first half of the year, ICPMG Peat Marwick said i 
report issued Thursday. 

The company said t 




m a 


lffliwi Thursday. . . , . 

company said that a weak dollar; combined wit h lo w 

interest rates, strong equity markets, a well-advanced recov- 

oy and dqxessed ecoaxxnies abroad contributed to the result. 

P.argfl1 lne »*s Earnings Jump 60% 

MDWEAPOLIS (Bloomberg) — Cargill Ina, the United 
States' largest privaiely-hdd firm, posted a 60 percent _nse in 
earnings! Profit rose to a record $571 million in the fina ncial y ear 
ended 'May 31, the MnmeapolisStar Tribune reported rnr~ 


Cost-catting and an accounting change for income taxes, which 
5100 mil lio n to earnings, conmbuted to the results, the 


paper reported. Revenue declined slightly to $47 billion. 

Gargdi produces and trades agricultural and ofl-relatea com- 


modities. 


Texaco in Talks to Sell Unit to Shell 


HOUSTON (Bloombeig) — Texaco Inc. announced Friday 
that it was negotiating the sale of its worldwide lubricants addi- 
tives business to Shell Chemical Co. and Shell International 
Chemical Co. 

Texaco has agreed to negotiate exclusively with Shell, a Texaco 

- I — 1 .- J I-.- Ini^,nnr tk.t fh» unit 


* WWW 18M 4 J ef • ' _ . 

representative said. The company said late last year that the unit 
wouldn’t be included in $860 millio n sale of its chemical 1 


_ chemical business 

to the Huntsman companies. 

Shell Chemical is a division of Houston-based Shell Oil Co. 
Shell CXI is a wholly owned unit of the Royal Dutch/ Shell Group. 


Confederation life Seized by Canada 


TORONTO (Combined Dispatches) — Confederation Life 
Insurance Co. was seized by federal regulators after tire company 
failed to negotiate a rescue plan of 600 million Canadian dollars. 

"Confederation Life’s assets are not sufficient to give adequate 
protection to policyholders and creditors," said Doug Peters, the 
Canadian secretary of state for financial institutions. The govern- 
ment announced the' seizure late Thursday night. 

Accounting firm peat Marwick Thome Inc. was appointed the 
government’s agent to keep Confederation life operating until its 
operations are sold. Officials said most of the company’s policy- 
holders would be protected by a government-backed industry 
rescua ’ (Bloomberg, AFP) 


Arthur Andersen Pays $1.7 Million in S&L Settlement 


most other major currencies, 

1325 


falling to 5.3225 French francs 
from 5.3550 francs. It dropped 
to 1.3026 Swiss francs from 
1.3130 francs. The British 
pound slipped to $1.5465 from 
$1.5473. 


Bloomberg Business News 

SACRAMENTO. California — Arthur 
Andersen & Co. was ordered to pay $1.7 
million and perform 10,000 hours of com- 
munity service after settling charges that 
the accounting firm was grossly negligent 
in its audit of Lincoln Savings & Loan 
Association, the state board of accountan- 
cy said Friday. 

Lincoln failed in April 1989 after large 
suras of money were looted from the insti- 
tution by its owner, Charles Keating. Fed- 


eral officials said at the time that the bai- 
lout would cost taxpayers $2.6 billion. 


The settlement ends a long legal battle 
for Andersen and the state board. The 
accounting firm admitted no wrongdoing 
in agreeing to the settlement. 


“This settlement will bring to a close the 
actions which the board has brought 
against Arthur Andersen." said Walter 
Fitch, acting president of the California 
Board of Accountancy. 


Andersen spokesman John Vita said the 
firm was preparing a statement. 

The settlement also bans Andersen from 
taking on any finance company in Califor- 
nia as a new audit client. 

One industry specialist said it could 
have been worse. 

“Considering that the Board of Accoun- 
tancy wanted to lift their license, they're 
lucky to be getting off with this," said Rick 
Tdberg, editor of Accounting Today, an 
industry publication. 


After Delay, Chrysler to Start Gmis 

D ETROrr (Bloomberg)— ChryderCorp. will start production 
of its Cirrus compact car on Monday, following a four-week delay 
to solve last- min ute quality problems, the company announced 
Friday. . 

A spokesman said production of the new compact sedan, which 
was to have started July 18, would begin on one shift at the 
company’s Sterling Heights, Michigan, plant. 

The Cirrus is part of a $900 million program by Chrysler aimed 
at loosening Japan's grip on the market Tor cars like Honda's 
Accord, Toyota's Canny and Nissan’s Altima. 




Far the Record 


Sr ; - 


■ CotupSwliic. said July sales of heavy equipment jumped 20 
percent from (he year-ago period, con&mingieariierbeliefs that 
1994 sales would be strooger-than-expected. • ( Bloomberg ) 

The New York Times Co. sold three golf magazines to British 
publishing company EMAP PLC for £1 13. million ($17 million), 
EMAPsaid. . . (Ap) 


mi 


'■tyyt 2«*wf?5 


WORLD STOCK MARKETS 


Agent* Fiona Prana Aug. 12 


CtaMPrev. 


Amsterdam 


ABN Amro Hid *0.10 MM 
ACF Homing 37® 38 

Aegon va® 99® 

AAold 4690 .7® 

Akin Nobel 21670 22260 
AMEV 7X10 73® 

a S-Weaanen 40® « 

M 67® 47® 

DEM 144® 14650 

Ebevlw 171® 171.90 

Fokker 16® 1630 

GW-Brocadea 90.10 51 

HBG 294® 2*8® 

Hetoeken 234® zn® 
Haosovrra 80® 81® 
Hunter DOUOtoS 83 83 

IHC Caland 41 41® 

infer Mueller 82® 83 

inn Nederland 7*® 80.10 
KLM 53® S3® 

KNP BT 48® 4? 

KPN 49® _50 

Nediiovd *9® ro® 

Oce Grlnten 77® 78 

Pauioed 52® 5210 

Ptllllps 57® 57® 

Polvocam 77® 78 

Rabeco 116® Ilk® 

Rodomco 3.10 55.1 D 

Rellnco 119® 121® 

RorentD to® 87® 

Royal Dutch 193 195.90 

Stork 4fl® 4 

Unilever 19690 1*3® 

VmOmmeren 53 53® 
VNU 1*4 1*1 

Wetter*/ Kluwer 118® 118® 


EOE index :4H.«3 
Prevtoui : 4Uii 


Brussels 


AG Fin 

61 man 1 1 

Artwd 

Bor co 

BBL 

Bofcoort 

CBR 

CMB 

CNF 

Cocker ill 

Cnhepo 

Celrayt 

Dethahe 

Eiearabei 

Elnctrnflna 

GIB 

GBL 

Gcvacrl 

Gkwertjel 

immabet 

Kredlelbank 

MOWN 

Potruflna 

Poonerfln 

Recti cel 

Ravel c Beige 

SocGen Banaue 

Soc Gen BetekNM 


Soflno 
Solvav 
Tessenderto 
Trocteftel 
UCB 

Union Mbilere 
Wooam Lit* 




14350 14475 
15700 15*25 

loeoo 10600 

10100 10300 
24500 2000 
250 2540 
NA 7420 
Stock index : WOO® 
i : 7477.14 


Frankfurt 


% 


AEG 172® 178 

Alcatel 5EL 330 324 

AIlKXUHoM 2362 2418 

Altana 624 612 

Aska 1005 1035 

BASF 316*0022® 

Saver 359.50 36680 

Bov. Hvpo bank 403 405 

Bav Veretosbk 
BBC 

BHF Bank 
BMW 

Commerzbank 
Conllnentol 
Daimler Beni 
Decusso 
Dt Baacock 
Owtoche Bank 
Dauolm 
Dnudner Bank 
FeWntueMe 
F KruMHoeacn 


Hor g ener 
Henkel 
Hocmiet 
Hoechst 
Hoizmom 
Horten 
IWKA 
Kali Soli 
KcretnU 
KdlHhot 
KHD 


Kloedcner Werke 160® 161® 


Unde 
Luttiwnso 
MAN 

Monnesmonn 

Meialieesell 

Muencti Rare*. 

Porsche 

Preussoo 

PWA 

swt 


Rhetnmetaii jn j}30 

Schertng 945 941 

Slemeia 

Thvssen H7®31B® 

Varta 319 320 

Voba 537® 532® 

VEW 349 375 

Vlao 485® 490.90 

VoOcsvraeen 504® 512 

Welle 1015 1014 

^“fi 5S“ 




Helsinki 


Amer-Yhtyma 

124 

124 

Enso-Gutzeit 

42J0 43L30 

Huhtamakl 

165 

168 

K.OP. 

9-30 

9JM 

Kymmcne 

125 

125 

Metro 

T73 

174 

Nokia 

490 

490 

Pahlala 

a 

67 

Repola 

99 

101 

Stockmann 

230 

230 

HEX Max :1B2U* 
Prevtoas: ibsuo 



Hong Kong 


Bk East Asia 
Caltxiv Pacific 


Clmme Kang 

UdtlPwr 


31.90 32.10 

1245 1235 
J7® 38 

38® 38® 

II® 1165 
13® 14 

54J5 54® 
39.70 39® 
39® 38® 

14® 14® 

24® 2435 
2055 2035 
2135 21® 
91® 93® 
11 ® 11 ® 
15® IS® 
1535 15.40 
3670 3640 
2290 22JQ 
63® 64 

29® 29® 

14.90 14.98 
1115 10® 
21.10 21® 
25® 2555 
51® 51® 

115 3.1* 
5835 5933 
11.10 11® 
183 3.75 
31® 31® 
11 ® 11® 
11® 11® 


China Light I 
Dairy Farm Inn 
Hong Lung Dev 
Hang Seng Bank 
Henderson Land 
HK Air Ena. 

HK China Gas 
HK E Metric 
HK Lend 
HK ReottY Trust 
HSBC Holdings 
HKShangHlb 
HK Telecomm 
HK Ferry 
Hutch Whampoa 
Hyson Dev 
Jut dine Math. 
Jerdlne Sir Hid 
Kowloon Motor 
Atandar In Orient 
Miramar Hotel 
New World Dev 
SHK Progs 
5tetux 
Swire Pac A 
Tol Cheung Pros 
TVE 

wtiarl Hold 
Wing On Co inti 
Wlnsor ind. 


Johannesburg 

24® 24® 


AECI 
Atteeti 
Anglo Amer 
Bortowi 
Blyvoor 
Buffets 
De Beers 
Dr f e fon t etn 
Gencor 
GFSA 
Harmony 
Highve id Steel 
Kloof 

Nedbcmk Grp 
Renatontein 
Rusplaf 
SA Brews 
St Helena 
SOMl 

Wester n Deep 


118 120 
255 259 


iw a m <n 

run 12® 

lit 12* 
2650 2650 
31.73 32 

42 

33® 31® 
48® 49® 
100 105 



OooePrev. 


Ij47 

1® 

Forte 

236 

234 

GEC 

280 

28* 


563 

532 

Glaxo 

624 

62S 

Grand Met 

436 

426 

GRE 

180 

181 


453 

446 

GUS 

560 

562 

Maroon 

285 

247 

Hllbdown 

181 

IJ9U 

HSBC Hidsn 

7J1 

U 6 

ICI 

8A3 

340 

Inchcope 

<79 

4/6 

Ktngffsner 

MS 

522 

Ladbroke 

lo* 

148 

Lena Sec 

958 

364 


SJH 

8 


183 

154 

Legal Gen Grp 

<53 

453 

Lloyds Bonk 

543 

545 


481 

433 

MEPC 

<56 

44J 

Nan Power 

+74 

4/S 


450 

449 

Nltiwst Water 

537 

530 


680 

*43 

PkO 

635 

*87 

Pllkingtan 

1.92 

1.92 

PewerGen 

SM 

550 

Prudential 
Rank Ora 

3.11 

384 

JJ09 

194 

ROCkltt Col 

627 

689 

Red land 

533 

53* 

Rued inti 

883 

U4 

Reuters 

*33 

493 

RMC Group 
Rolls Rovce 

986 

I.9B 

98V 


172 

14V 

RavaJ Scot 

384 

ir. 

RTZ 

170 

&r. 

Salraoury 

419 

41C 

Scot Newcas 

5J5 

SI! 

Scat Power 

381 

191 

Sears 

153 

\X. 

Severn Trent 

548 

5M 

Shell 

7.18 

7.1; 

Slebe 

685 

4I‘ 

Smith Nephew 



SmfttiKline B 

480 

4a 

Smith (WH) 

484 

4K 

Sun Alliance 

117 

331 

Tare S, Lyle 

450 

444 


243 

24* 

Thorn EMI 

I0J0 

103/ 

Tomkins 

2® 

23C 


2.11 

2.11 


10.94 

1038 

Utd Biscuits 

358 

331 

Vodafone 

188 

181 

War Loan 3to 

4053 

415* 

Wellcome 

631 

632 

Whitbread 

553 

S45 

Williams Hdgs 

372 

072 

Wlllb Corraon 

154 

154 

F.T.aktdcuKi 

443M 


Prevlatfs?3Uft 

Sramai 

zo 


NA 




London 


Abbev Non 

397 

xn 

Allied Lvors 

5a 

588 

Arid WmliB 
Argyll Grew 

281 

273 

283 

280 

Aa&Brlt Foods 

S22 

SS 

BAA 

4*0 

4.95 

BAe 

418 

505 

Bank Scotland 

186 

187 

Barclays 

548 

5® 

BOSS 

56* 

55B 

BAT 

428 

43Z 

BET 

130 

1.17 

Blue Circle 

3.10 

X17 

BOC Group 

733 

7.15 

Boats 

533 

527 

Bowoter 

442 

461 

BP 

411 

408 

Brit Airways 

434 

424 

Bril Gas 

28 9 

287 

Brit Steel 

1.61 

182 

Brit Telecom 

17S 

177 

BTR 

178 

382 

Coble Wire 

433 

4J7 

lad Bury 5ch 

4*8 

460 

Caruoon 

198 

2.90 

Coats vivella 

124 

122 

Jnm Union 

543 

587 

lourtaukts 

529 

530 

-CC Group 

381 

385 

enterprise Oil 

4 11 

415 

Euroiixinei 

287 

2.93 


\ Madrid 1 

BBV 

3085 3115 

BCD Central Hlso. 2745 2735 I 
1 Banco Santander 51M 52*0 1 

Banesto 

1115 *135 

CEPSA 

3300 2290 

Dragados 

2155 1260 

Endesa 

40*0 6190 

Ercras 


Iberdrola 


J| 

4025 4.30 
3500 3450 

1010 1015 


Milan 

Banco Com itai 

4390 4370 

Bos tool 

14314730 

Benetton 

71800 2230(3 

CJoa 

1051 1071 

CIR 

2400 2470 


2020 2055 

Entchem Aug 

27*0 2070 

Fertln 

189? W22 

Ferfln Rls> 

1100 1101 

Flat SPA 

6350 *485 

Firwtu Agroind 

7*50 7*00 

Flnmecccnlco 

1*80 1755 
38700 3*900 

IF! 

25800 2*730 

IFIL 

5860 *070 

i to 1 cement 1 

11510 11900 

itovgos 

*8*0 5155 

Haimoblilare 

.-9100 41 IDO 

Mediobanca 

13930 14315 



Olivetti 

7120 a 43 

Pirelli 

4670 400 

PAS 

l-'-.F 1 

Rlnracenie 

*300 *350 

Saloem 

3800 3995 

Sen Poo IQ Tonne 

*300 *430 

5IP 

4100 4JOO 

SME 

3*00 3740 

Snla BPD 

2150 2230 

Stonda 

f-- 

Stef 


Toro Assle 
Ml 8 index : 1041 
Previous: ion 

25700 26Q50 


dOMPrev. 


Doootme A 
FCA mn 
MocMlllmBI 
Nrtl Bk Conoda 
Power Carp. 
Provfgo 
OuehecTel 
Ouedecor A 
OuedecorB 


IM MV. 


184k 
•Vk 9N 
19W 19k. 
514 5*0 

1914 194k 


K.T. 1ft 


Vldeatron 

ices?« 


18*. 1 . 
1* 1*1* 
12V» 12Vk 
; 1929® 


Paris 


Accor *40 4*9 

Air UauWe 824 BX 

Atartel Alsttiom soo *23 

Axo 250® 259® 

Bancalre ICIel 475® 482® 

BIC 1256 1290 

BNP 232® 23610 

Bouvoues 6N 648 

Danone 834 8« 

Carretour 2036 1 

CX.P. 21430 21 

Cerus 114® 11140 

Charoeurs 1334 1382 

aments Franc 311 315 

Quh Mod 398 404® 

EH-AqaltOlne 411® 415® 

Eura Disney 10® 1040 

Gan. Eoux 5a set 

Havas 465® 469® 

I metal 6<D 610 

Lafarge Coppee 427® 430® 

Loarand 6280 6M 

LVOn. EOUX 522 533 

Ore ai(L7 1170 1173 

UVJVLH. 851 868 

Mafra+tochette 119117® 
Michel In B 242.70 24610 

Moulinex 123® 12680 

PorlOos 3SS® 360 

pecftinev Inti 163 its® 

Pemod-Rkord 32660 342® 

Pww 1 850 851 

Plnautt Print 930 9® 

Ra di o tnehntauc 508 515 

Rh-Paulenc A 13S.MJ 139® 

RatL SI. Louis 1557 1588 

Sanoll 944 953 

5aknt Gabo In 671 683 

5.E.B. 544 HO 

5te Gen era le 565 HI 

Suez 254 ® 259® 

ThomsamCSF 148.10 145 

Total 319® 327® 

U-A.P. 14670 148 

Valeo 286502*0® 


j&sswMr* 


Sao Paulo 


Boies da Brasil 21 31® 

Bonesna 7® 7® 

Bradescs 7 M 7® 

Brahma 26026001 


Gemia 9 M* 9650 

Eletrodras 2B9 282 


Itoubanco 

lWii 


237 go 


319 


Parananonemc 1680 16® 
116® 19® 


Petrobros 

Souza Cruz 5790 5850 

TrietXTS 45® 45® 

Telesp 423 417 

Usiminas 1.1* 1.15 

Vote Rla Dace 119 1U 

varlo *3 95.90 

Baenpa Indez : 4501 
prevtoM : 49*37 


Singapore 


radlng 3® 350 

elan 14.10 iaio 

123 12* 


Stockholm 


Montreal 


AGA 

6550 

£ 

Alcan Aluminum 

33to 

33to 

AstraA 

1*5 

170 

Bank Montreal 

24 

234* 



Bell Canada 

42to 

46 Ve 

Electro ! (m B 

376 

380 

Bombardier B 

»to 

20to 


395 

404 

Comb tar 

in* 

I7to 

EsseHr-A 

100 

KO 



Ctase Prev. 


5to 


f 

1 

3 

> 

6to 

6H 

DooohueA 

I3to 

13to 

FCA Inn 

<10 

4.10 

MacMillan Bl 

19 

19 


9to 

wt, 

Power Cora. 

1WV 

1*96 

Pravtao 
Quebec Tel 


Sfk 

if* 

Queoecor A 

iK 

I8V4 

i8to 

Teleglobe 

19 

i?to 

VkJeotron 

12VV 

izw 

Indushiats Index 
Prev loos : 1922a 

: IW1J7 

Sydney 


Amcor 

9.17 

*81 

ANZ 

486 

48* 

BHP 

19J4 

1986 

Bora! 

3A7 

■L4J 

Bougainville 

as* 

08* 

Cotes Myer 

<25 

<23 


4*2 

494 

CRA 

1986 

19.16 

CSR 

4*9 

469 

Festers Brew 

1.12 

1.13 

Goodman Flew 

IJ7 

1A1 

ICI Australia 

1184 

11 JO 

Magellan 

185 

L9S 

MIM 

337 

2.98 

Nat Aust Bonk 

10.98 

11.W 

News Corn 

6./0 

869 

Nine Network 

<53 

<44 

N BrofcOT Hill 

382 

386 

Poc Dunloa 

440 

<41 


381 

382 


119 

120 

OCT Resources 

187 

180 


3.9H 

484 

TNT 

288 

1*3 

Western Mining 

78* 

7 

Westpoc Banking 

446 

450 



<78 


I Tokyo 



469 



780 

771 

Astfil Glass 

1220 

1200 

Bonk of Tokyo 

1UU 

14*0 

Bridgestone 

WO 

1620 

Canon 

1750 

1750 

Casio 

1250 

1280 

Dai Nlpwxi Print 

1920 

19*0 


I486 

V490 


1470 

1410 

Ftmuc 

44UI 

449 

Full Bank 

2310 

2330 

Flttl Photo 
Futifsu 

2220 

1070 

2240 

1080 

Hitachi 

995 

I0« 

Hitachi Cable 


8*9 

Hondo 

1730 

1750 

ItoYakooo 

5230 

5Z70 

Itochu 

717 

717 

Japan Airlines 

735 

735 

Kcrflmq 

962 

*66 


2630 

2650 

Kawosokl Steel 

414 

416 

Kirin Brewery 

1220 

1220 

Komatsu 

938 

990 

Kubota 

739 

79 

Kyocera 

7370 

/4O0 

Matsu Elec inds 

1730 

1770 

Matsu Elec Wks 

11X 

1130 

Mitsubishi Bk 

300 

2*30 

Mitsubishi Koset 

440 

sa 

Mitsubishi Elec 

w ; ' ■ 

696 



803 

Mitsubishi Carp 

fr y ■ 


MhsuiqndCo 


173 


Bj-I 

8V4 

MttsukosW 

1060 

1QU 

Mitsumi 

fcl 

P73i 

NEC 

hr 11 

NGK insulators 

m 

1070 


12(0 

Nippon Kogaftu 
Nippon Oil 

’?iS 

1020 

7*0 

Nippon Steel 

371 

372 

Nippon Yusea 
Nissan 

% 

*66 

790 


2M 

2268 

NTT 8600O86TOO 

Olympus Optical 

1170 

1180 


T74I) 

2810 

Ricoh 

964 

V/l 


IS 72 

583 

Sharp 

1780 

1800 

ShJmanj 

734 

739 


7170 

2140 



UOO 

Sumitomo Bk 

m 

Liul 


55* 

Suml Marine 

920 

*32 

Sumitomo Metal 

3BB 

39* 


M4 

673 


1210 

1240 

TDK 


<S« 

Tellin 

586 

601 


1230 

1240 

Tokyo EleePw 

W3Q 

3080 


1S0U 

1410 

Toroy ind. 

7/2 

772 


744 

7*8 


a70 

2190 

ramaieMSec 

a.-xno. 

V6 

888 

Mkkei 225 : 266*4 
Pnwiaas : Em 
TMtWm'.US 
Prevtoas : M63 




Oom Prev. 


Toronto 


AMIIM Price 18 18K 

ABnlco Eagle Wl 1644 

Air Conoda 7 7Jk 

ABNria Eneiyv 21to zito 

Am Borrlch Res 30* 30* 

BCE 4416 4*4* 

Bk Nava Scoffo 2®fc 25*4 

BCGOS 15* 144* 

BCTetocant 251* 15 

Bramalea 5V, LB5 

Bnmsvdci in id 

CAE 7 7 

Camdev 4® 450 

CISC IV* 3(P4 

Canadian PPdfle 21M 22 

can Tire A T«6 18V4 

Cantor 20V* 194* 

Cara 4 0*5 

CCLIndB W 916 

CTnepto* 4® 4® 

Comlnco 21W 2IH 

OmweslExpl EB* 23W 

CSAMgtA 1011 IW 

Dolasco 22V* 22W 

DvtexA OJO 0J72 

Eriia Boy Mines 144* 151* 

Equity Stiver A 079 CLBO 

FCA Inti 615 615 

FedlndA 64* 64* 

Fletcher ChaH A 17V* 1714 

FPI 6<4 5*1 

Genlra 041 0® 

GullCdoRM 5V* 51* 

Hen intt 13 13 

Hernia GW Mines 12V* 1216 

Hal linger 12V* 12Vi 

Horsham 111* 188* 

Hudson's Bar 258* 258* 

Imosco 35V- 35 

Inca 34V* 27 

l PL Energy X 2*8* 

Jannock 16 1616 

Labatt If** 1984 

LDWawCo 39* 20V: 

Mackenzie 7H 716 

MowInftA 521* 52V5 

MdPtoLcaf 13 118* 

Marti Ime 231* Z3V. 

Mark Res 9W 93* 

' IA 21 211* 

Ind A 58* 516 

Inc 25?* 36 

Forest H»* 118* 

Norccn Energy 161* 16*4 

Nthn Telecam 44*6 44 

Nava Carp 13V* 13 1* 

Oshowo MV4 19 

Pagwrtn A 3® 3V, 

Placer Dome 27% 28W 

Poco Petroleum 886 9V. 

PWA Carp 0® 0® 

Rayroc* 158* 15 

Rwxrtssanc* 2BV* 28V. 

Rogers B 2iw 21 

Runujiuns 75V. 75 

Royal Bank 0*1 2816 23V: 

5c«SrB Res I2V6 12*6 

Scofrs Haso F* 88* 

Seagram 42V* 411* 

Sears Con 716 71* 

Shell Con ^ 438* 4416 

SheiTitt Gordon 17U iz+ 

SHLSvstomfae 7V. 7v* 

Souttiom 148* 148* 

Spar Aerospace 1416 T4V5 

5 telco A 8V6 *8* 

TaBsmao Energ 2FU 29Vz 

TpckB 22V. 2216 

Thomson 15Vz 15W 

Toronto Damn 2ovs 2DH 

Torrior B 341* 24U 

Transafia UHI 14V6 14 

TraasCdo Pine m* T7 

Triton Flnl A 185 «e 

Trimae U-A 16 v. 

Unicorn Energy 1JV iao 


Zurich 


Adtai Inti B 244 2SB 

Alusutsse B new 498 *92 

8BC Bran Bav B 1271 1268 

— to Getoy B 81* (20 

— Holdings B 531 S3I 

ElrUrowS 3H JO 

Rjftier B 14*5 1500 

Inreraiscounl B 2160 2170 

B 840 873 

Landis Gvr R 786 771 

Moevenptok B 407 415 

Mestie R 117* 1110 

Oerflk. Buetine R MIJD 143 

P o rge sc HWB 1510 1510 

Rcche Hdg PC 563c S64£ 

Sofro RbpuMc 114 11* 

Sondaz B 713 713 

SdibtferB 7*73 6008 

SUU8T PC 960 *65 


i2£S5?S&r ^ *■ 


fi 3*4 3*7 

Swiss Refasur R 545 S51 

Swtsscdr R us 84* 

UBS B 10M 1107 

WIHtorihurB *7* *88 

Zurich Ass B 1275 12*5 




Previous : 


R'SMSfftt: 

hOnotUMi 

Q SOO 89 SMS 


U.S. FUTURES 


Via Auadatod Preu 


12 


Season Season 







Low Open 

Hleh 

Low 

Oom 

ciu 

OP-kit 


Grains 




WHEAT (CBOT) UPhinMiun-t 

MBTiPf 




3 sr\ 

382 SOJto 38*14 

147 Vi 

336 Vi 

1814* MUSK 14894 

1*5. 

X09 Dec** XS1 

is* 

X51 

38* Vi 

.085*36,913 

l*4to 

127 Mtv95 388 

381 

16344 

1 0X6 to HL067 

38*to 

11* to May 95 383 

387 

X5?V* 

38541 

. 083N 

666 

oa* 

XII JUI95 385 

X® 

134 to 

X39V. <0X44* 

1819 


Dec 95 



utru 

>0.31 

2 

ESL soles 17800 Thu'S, safes 16.173 




Thu's open bu 6X2*1 up 183» 





WHEAT OCBOT7 LGOSbunMnun-c 

iny 



385to 

3JDtoS*p94 X40V4 

154 V* 

)®V, 

383 VS, 

>08*4* 13®* 

1*0 

XDtoDeCW 384 hr 

382 Vn 

384to 

140V 

•08* to 178*3 

197VS 

125 Mar 95 155 

381 to 

IB 

381 



3®to 

latoMoyB 381 

381 

151 

381 

«ax* 

4M 

385 

XI*toJu)95 385 

X4D 

135 

138 


45* 

383 

129 Sen 95 3® 

3® 

1® 

3® 

+ qm 

1 


Dae 95 140to 

l®to 

380V] 

389 

.085 

1 

Est.BBw NA. Trars. sates 

59*2 





Thu's open int 3X0S0 up 37* 












33TU 

2.14 sen to xi? 

tt* 

lITto 

IITV. — 0X1 to 34.709 

177 

117 Dec 94 121 

12Jto 

2J0U 

1304*— 4UOV6 122893 

ISTVi 

281 Mar 95 2J1M 

ZJTm 

UF* 

130 


285 

182 ly May 95 13BV4 

13M* 

136 

2J*to-OXDto 1089* 


284WJul93 UTrV 

14316 

14CP4 

2®to 

241 


9.50* 

17014 

289 Sep 95 14JV4 

282VI. 

242to— QJDto 

693 

1*3 

28SV4Dee*S 14*14 

244 V. 

283W 

144 

—082 V* 

3.129 

1S9M 

287 JOI 9* 



131 

-081 to 

11 

Estsdes 30800 Tha'S.Sc*e» 31670 




Thu'S open rtt 309.9*0 off 3£7 





SOYBEAN'S lessor) MRtgmHnwn-Mr 



785 

X7TV.Aug94 585V. 

fP 

US 

SB54* 


S8S2 

788V4 

540 Vi Sep 94 5J1 

S89V5 

57041-080* 14®9 

787to 

581 Now** ua 


UONi 

S4146-4UD 

75840 

78* 

5® Jan 90 S72*i 

5MMu 

SJOto-ftOl* 11873 

785 

S89 Miv 95 581 

S82to 

571 Vi 


4J45 

7J15to 

X73V4MOV95 S87to 

5J*to 

58* 

586 to — 081 V* 

1164 

78* to 

571 V4 Jut 95 582 

593% 

X9B 

590 V* -082 

5810 

X.94W 

179 Aug « 



590V. — Q81 to 

141 

588 

577 Sen 95 



5X9 to— 081 

24 

6JDto 

578toNev93 580 

iff 

595 

586’A — 089* 

2 ®S 


JUM 



6.12 



EsL.sote 

2X008 ITU'S, sates »8»1 




TWtot 

nW 122813 un 7S5 





SOYBEAN MEAL (CBOTj nn-Mnietti 



22380 

17280 Aug 94 17380 

17380 

172® 

171*0 


X901 

21080 

m JO Sap 94 17103 

(710 

17183 

17189 


WK 

307 JO 

1708000*4 ia.10 

17180 

170X0 

17080 


10811 

20980 

INLtODecW 17180 

17130 

17180 

171® 


70/ SO 

171 80 Jon W 17280 

17380 

17100 

17120 


4867 

Sft 

17380 Mar 9S 17480 

174J0 

17X90 

17480 



174® Mov 95 17380 


TO® 

17500 


20680 

1738084 95 17880 


17X50 

17680 


1841 

18180 

17X00 Auo 95 



177.10 

-080 

1ZS 

18280 

17+58 5*5.9? 



177® 


49 

Esf.stto 

12800 Hu'S, soles 13801 




Ttol'SPpen mt 1186] off 791 





SOYBEAN OIL (CBOT) PUB 

l»M 

near too to*. 



SU5 


2*83 


34® 

—089 

3805 



1480 




88 

21180*194 3*81 

34® 

340* 

3431 

-086 1M79 

3U7 

2200 Dec *4 2410 

342S 

2381 

34.17 

-0X1 350*6 

20,05 

2285 Jon 9? HI) 

74.20 

2385 

24.18 

-002 

0763 

2830 

2283 Mar 9S 2412 

2423 

2X95 

24.17 


3*132 

2805 

2283 May 93 2413 

34Ji 

2X83 

24.18 

-082 

<006 

V SB 

2380 Jut 93 2420 

7*20 

21*3 

2115 

— n rr? 

1803 

2720 

228SAU0 7S 2411 

3412 

34.12 

3112 


220 

3473 

2285 Sep 95 



248B 


51 


mood 9s 



2X73 


1 

2X20 . 

2280 Dec 95 



ZL65 


3 


13000 Ttu’csde* 19.14* 




Thu'S (Pen hit NLMt up 2« 






Livestock 




CATTLE 

(CMER1 ezann- 

nuMBH 

MX. 





<680 Aug 94 1083 

71.13 

7087 

7192 


13*9 


6170 Od *4 7X12 

7135 

7282 

7X17 

HUH 31.22* 

700 

OJO Dec « TIM 

71® 

TIJ7 

71 J3 

-au Kt«4 


080 Feb 95 7DJ2 

7045 

70.15 

70117 


980 


49® Apr 95 71A5 

7177 

a® 

7183 



4980 

4U0Jun95 6875 

6ILHi 


(0® 

—0® 

1®* 

*400 

6773 Aug 95 070 

*770 

6742 

67® 

—0.13 

m 

Ed. tote 

7.727 Thu^. safes 

77B 





Thu'S open VtI 71,102 UP SR 













<380 

71.10 AWB *4 7980 

79.90 

7982 

77® 

— C2S 

2873 


71® San M 7870 

7870 

77.90 

7880 


2.161 

0185 

70850094 77® 

7780 

77 JH 

77® 

-043 

28*9 

tun 

72® Nov 94 7180 

7M0 

7030 

71® 

~0® 

1,924 


72.95 Jot 93 77® 

77® 


77® 

-030 

535 


7125AAay93 7483 

7485 

74X0 

7485 

—085 

25 


7133 Mur 96 7415 

76.1* 

76X0 

7X13 

-0.10 

92 


7285 Apr 9* 7S85 

759 

7647 

7580 


147 


1820 Thu's, 50^5 






Thu's open Int 1147* off (9 












42JOAU094 4680 

4603 

4550 

45® 

-037 

1822 

49 JS 

398003 94 4180 

189 

4082 

4087 

-CM 11.943 





*080 


L214 


3680 Feb 93 41® 

4180 

«J5 

40® 

-ass 

1.9® 


HAS Apr *5 4MS 

*ua 

»JS 

19® 

— 050 

t.re 


4X73 An 95 4580 

45X0 

4440 

4170 

-OJO 

«2 


085 Jut 95 4463 

4465 

4440 

412 

-0.15 

133 



4X25 

®10 

4X1} 

—OJO 

29 

4080 

397003 95 4087 

4087 

4023 

®2S 

-0.15 

M 

EsL sales 

4.1M flu's. Sale} 

Xll/9 





nViopenW 23JJ9 






POfDCBaJUB (OKBO CWBi-teiew 

> 




3*85 Aug 94 3280 
A80M95 4575 

3123 

3150 

1172 

-4L1B 

63B 

4085 

6625 

4587 

*5*5 

•085 

1851 


4882 Mar 95 459 

66X7 

4383 

6177 

.025 

395 

61.15 

C8C«zr9S 45*0 

4629 

45*9 

6590 

-0® 

M 

5400 

4125 Jui 95 4780 

67X0 

4640 

*685 

—025 

n 


(180 Aw *5 



4185 




1,13* Ttw's.sdes 

2jn 





Thu's Opart Int 7 M3 oft H0 








i Season Season 

" mmm 



2”“ 


1 rtoh 

Low Open 

HW 1 

LOW 

Ouse 

On 

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1 Thu*} Open ihl 31276 0f9 94 





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‘if; « 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, AUGUST 13-14, 1994 


Page 9 ■ 

EUROPE 




^ompdedt^OvSu^FrunDapadm 

AMSTERDAM — U nilev er 

Group said Friday that profit 
was nearly flat in the second 
quarter as fmancmg charges 
rose, investment interest 
dropped and heavy competition 
took a toll. 

The Anglo- Dutch consumer 
products company said it ftariwri 
1.07 billion goDckrs ($(500 mil- 
lion) in the period, up 0.2 per- 
cent bom the second quarter of 
1993. Sales rose 8 percent, to 
2138 billion guilders. 

Financing costs rose 32 per- 
cent from a year earlier, mule 
income from fixed inves tmen t 
dropped 54 percent. 

Unilever added that “compe- 
tition in the developed markets 
remained very severe, notably 
for detergents in the United 
States and Europe.” 

Unilever has engaged in a 
war of words with itsU-S. rival, 
Procter & Gamble Co., over, 
Unilever’s new Omo Poms- and 
Persil Power laundry deter- 
gents. PAG charged that Omo 
and Persil damaged fabrics un- 
der certain conditions. 

Unilever reformulated the 
powder and in the Netherlands 
set up a toll-free telephone 
number to answer consumers’ 
questions. 

The company’s stock rose in 
London and Amsterdam after 
the results, as investors had 
been worried that the soap war 
with PAG would severely cut 
into overall profit. 

In fact, Unilever said profit 
at its European detergents divi- 
sion rose slightly, although that 
was mostly because of cost-cut- 
ling. It did not give specific fig- 
ures. 

In Amsterdam, Unilever fin- 
ished at 19S.90 guilders a share, 
up from 1 93.80, and is London, 
the shares finished at 1,094 
pence ($17), up from 1,038. 


-Ifsa 

Swcers, head 


said Rob 
-. Dutch equity 
Paribas SA. 

He saidthereha&been “consid- 
erable fear” of losses in the Eu- 
ropean detergents division. “In 
that perspectives these figures 
aren’t disappointing,” he said. 

Mike Haines, a spokesman 
for Urrilevcx, said worries over 
the impact of Ibetoap war had 
been exaggerated. 

“In terms of the cost, the im- 
pact is relatively snail when you 
consider it is one sector, and 
only in Europe, and represents 
less than 2 percent of our world- 
wide turnover.” Mr. Haines said. 

' The comp^y had its biggest 
growth, outside Europe in the 
quarter. In North America, op- 
erating profit rose 18 percent, 
while earnings outside the Unitr 
ed States ana Europe were up 
12 percent 

(AP, Bloomberg, Reuters) 


The Critics Outlive the Treuhand 


By Ferdinand Protzman 

New York Tima Service 

BERLIN — When the German gov- 
ernment created an agency in 1990 to 
rebuild the tattered socialist economy of 
the east, its mandate was both simple 
and monumental — sell, restructure or 
dose thousands of businesses in former- 
ly Communist East Germany, trans- 
forming its economy to capitalism as 
quickly as possible. 

Its task almost complete, the agency 
— the Treuhandanstali — is to be shut 
down at the end of the year. It has sold 
into private hands thousands of state 
companies, from bakeries to industrial 
conglomerates. 

Yet the controversy over this econom- 
ic transformation and the agency’s role 
continues to rage. Some Germans com- 

E lam of the cost, and others say the 
umari toll was too great. 

“We all knew we would be reviled 
when we came here,” said Birgit Bread, 
president of the agency known widely as 
the Treuhand. “The Wessies say we arc 
squanderers,” she said, using the slang 


fox West Germans. “The East Germans 
say we just destroy everything." 

Her agency took over 13,687 compa- 
nies in 1990. The buyers, predominantly 
from Western Germany, have commii- 
ted themselves to invest $1 12 billion. 

“There were people al the Treuhand 
who knew all about market economics," 
said Siegfried Schlottig, a spokesman for 
Foron Hausgeraete GmbH, a refrigera- 
tor manufacturer. “But no one knew how 
to transform an economy from socialist 
central planning to a free market There 
was no road mao.” 

There are 147 concerns left to sell, in- 
cluding Deutsche Waggonbau AG. a 
manufacturer of railway rolling stock that 
was East Germany’s largest company. 

The cost has been staggering. Heinrich 
Bornef, the agency's finance director, 
said it had spent $217 billion so far. 
including covering the debts of the com- 
panies and meeting their operating and 
restructuring costs. Of this, $46.8 billion 
has been recovered through asset sales 
and other income — leaving a deficit of 
about $170 billion for the German gov- 
ernment to deal with. 


The Treuhand will be replaced at the 
end of the year by three new government 
bureaucracies, but changing the name 
mil not end the discussion. 

“Never in peacetime has so much so- 
cial wealth been destroyed," contends a 
campaign leaflet distributed by the Party 
for Democratic Socialism, successor to 
the Communist Party. It has scored im- 
pressive gains in recent local elections by 
assailing the Treuhand. contending that 
companies were sold well below'' their 
true value to meet time limits. 

“The result is well known." the leaflet 
continues: "Deindustrialization and 
mass unemployment in the East." Critics 
point out that.' of the 4.1 million jobs in 
enterprises the Treuhand inherited, only 
13 million exist today. 

Mrs. Breuel and her supporters say the 
Treuhand saved whatever jobs it could 
and helped lay a foundation for the years 
to come. 

“If one considers that the economy 
was totally modernized in just a few 
years, that is a powerful act." Mrs. 
Breuel said. 


Investor’s Europe 


Frankfurt . London - / Parte - 
PA* . . FTSE 100 Index CAC40 



tf.AU.JJA 

.1994 


" wxiriri «; Mm: 

' ' 1994 - ■ ■ 19 • v< . 


Metaflgesellschafl Warns of High Risk 

Rumors Hit Stock 
Of Deutsche Bank 


Cmptitd by OurSuffFrzm Dtepacha 

FRANKFURT — Shares in Metallge- 
seflscbaft AG fcfl neariy 8 percent Friday 
after the company announced terms of a 
rights issue, but warned that the shares 
were risky because the success of its re- 
structuring could not be guaranteed. 

Metaflgese&scbaft shares fell 16 Deut- 
sche nuD*s.($1025) to 190.50 in response 
to the wanting, wmch confirmed analysts’ 
views that the group would take years to 
return to financial health. 

The new equity was part of a 3.4 billion 
DM package to keep MetaUgesdlschaft 
from falling into bankruptcy after former 
managers led the metals, trading and fi- 
nancial services group into billions of 
marks of losses on risky oil contracts. 

“The issue of these shares is pan of 
measures for the financial restructuring, 
which became necessary due to Mexallge- 
seflschaffs loss position,” the company 


Cmptied by Our Staff From Dispadua 

FRANKFURT — Deutsche Bank 
AG shares dropped nearly 2 percent Fri- 
day, pressured by market speculation 
. that the company had falsified earnings 
figures and by tafic its credit rating might 
be lowered. 

Deutsche Bank. Germany's largest 
bank, denied the speculation. 

Deutsche Bank shares dosed at 69320 
Deutsche marks ($444), down from 706. 

(Bloomberg, Reuters, AFX) 

said. “The issue price of 250 marks per 
share is above the current price level of the 
old shares. 

“Because the steps taken for restoration 


of health cannot yet be definitively seen as 
guaranteed, and a resumption of dividend 
payments on the company’s shares aren't 
to be expected in the foreseeable future, 
the investment in shares of Metallgesells- 
chaft AG are tied to a high risk." 

The new shares offered in the prospec- 
tus, originally sold in two tranches, are 
being offered together at a ratio of 12 new 
shares for 19 existing shares. The offering 
period wQl start Thursday and run to Sept 
1. 

The new shares were underwritten in 
January and March by Deutsche Bank AG 
and Dresdner Bank AG on the condition 
they be offered to existing shareholders 
through a rights offering. 

But the announcement also said few 
shareholders were likely to exercise their 
rights to the new shares because the cur- 
rent market price was below the offering 
price of the new shares and no dividend 
was in sight ( Reuters . Bloombergi 


Moscow Plans 
Oil-Firm, Sale 

Rttzcrs 

MOSCOW — The gov- 
ernment plans to privatize 
its leading crude oil export- 
er, Nafia-Moskva. to try to 
make it more flexible and 
competitive, an executive 
said Friday. 

Vladimir Yefremov, an 
aide to the president of 
Nafta-Moskva. said the re- 
structuring would take 
place at government in- 
struction. Bui he did not 
say when or how shares 
would be distributed or 
whether foreign investors 
would be allowed to take 
stakes in the company. 


Exchange index 

’ x v */’-* * , 

AEX 

Friday".." 

Close . 
414.43 •'/ 

:Prcv-' : ^;W^ 

"Close - ^Change 
' 416.3l ' : • ; ; -057 ! : . 

Brussels-:. > Stock Index 

7,«Xk»-: 

7B77.16 i .r l-BO. • 

■ DAX • 

2.124.48 • 

a r i55 : 28v;.r.i.43;. 

Bunk&8t, ; v. faz . 

804,51. •• 

821.78. 

Helsinki' • *'• HEX 

1,822.06 

.1. 852.ro ;: “L65, 

Times 30 

2,465.80. 

£.400.50 ;. *032, ' 

London SE 10Q 

3,142.30 

§.13^20/ W 

Madrid .< Y ■ -Saner al index 

311.57 

320.61. ■ '.-Z.B2.' 

Milan' '/M© 

1, 041.00 

t,08li» r3-ro 

Paris < ;\<5$G40 

2,00655 

ZB38B3 

SiocWjotm.- ^Affaersvaeriden 

1381.19 

1B09.77 -1-50: 

Vienna - Stbtik Index 

457.1 B 

ASlil ■■ -0.92 

Zurich' • 

921^1 

924.63 ; ■ -0 ,34:. 

Sources: Reuters, AFP 


lni<3Tuuunal UeraUTrilwit 

Very briefly: 


• Hoechst AG said it bad taken over the European defrostiug- 
li quids operations of Dow Chemical Europe Inc. the European 
division of the US. chemical company, for “substantially less’* 
than 10 million Deutsche marks (S6 million ). 

• French consumer prices were steady to 0.1 percent lower in July 
compared with June and were up by 1.6 percent to 1.7 percent 
from July 1993. 

• Banco Bilbao Vizcaya SA has agreed to acquire a 3 percent stake 
in the U.S. fund manager Affiance Capita] Management L.P. for 
550 million. 

• Spanish consumer prices rose 0.4 percent in July from June and 
4.8 percent from July 1993. 

• Spain's automakers are projecting a nearly 21 percent increase in 
car sales this year after last year’s 24 percent decline. 

• The Bank of Spain estimated that the country's gross domestic 
product grew more than 1 percent in the second quarter from the 
1993 period. 

• Bouygues SA, a French construction company, said sales in the 
first half rose to 33.50 billion francs ($6 billion) from 29.30 billion 
francs, helped by the sale of its television subsidiary, TF1. 

Bitkrtihfrp AF\. Kruf’ht-ftidJar 


Plantsbrook Shares Jump on Service Corp. Purchase ITALY: Economy Forces Industrial Giants Toward Profitable Change 


CempHsd by Our Staff From Di&alches 
LONDON — Stares in Plantsbrook 
Group FLC jumped Friday after Service 
Corp. International said it planned to ac- 
quire more of the company’s stock. 

Service Carp. International, the world’s 
largest funeral home operator, said Thurs- 
day that it held Z95 percent of Pfcmts- 
brook’s share capital. Toe Houston-based 


NYSE 

' Friday's Closing 

Tables include the nationwide prices up to 
the closing on Wall Street and do not reflect 
late trades elsewhere. Via The Associated Press 


company said the stake in Plantsbrook was 
a “strategic” investment and that it 
planned to acquire more shares. 

A Service Corp. spokesman said the pur- 
chase did not signal another British acqui- 
sition but said the company was declaring 
its bolding in Plantsbrook after it discov- 
ered (hat a rival, Loewen Group Inc., was 
interested in the shares. 


Plantsbrook shares were quoted Friday 
afternoon at 137 pence, up 37. 

“They may want to gain a blocking stake 
against Loewen." Mr. Ralph said. “They 
don’t want Loewen or another competitor 
to gain control of Britain’s second-biggest 
funeral director without them having some 
say.” 


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Cootisued from Page JO 


Coatimed from Page 7 
worst result since the company 
was founded in 1899. Now the 
company says auto exports are 
skyrocketing, with June deliver- 
ies up 33 percent over the same 
month in 1993. 

The Italian domestic auto 
market, which set a postwar re- 
cord by declining for 20 straight 
months, also is showing timid 
signs of recovery, and Fiat is 
forecasting a 14 percent in- 
crease in revenue Tor 1994. 

Gianni Agnelli, the chairman 
of Fiat, told shareholders at the 
annual meeting in June that he 
considered break -even “a mini- 
mum objective for 1994" and 
said the company might even 
turn a significant profit. 

Olivetti went into the red by 
465 billion lire in 1993. capping 
a multiyear losing streak that 
has seen the company accumu- 
late losses of 1.6 trillion lire 
since 1990, its last profitable 
year. 

The computer maker is now 
predicting a return to profit, al- 
though its chairman. Carlo De 
Benedeui, is taking a cautious 
line: “Don't ask me for fore- 


man tire manufacturer Conti- 
nental AG three years ago. The 
soured deal left the company 
with debt of neariy 4 trillion lire 
and a 1991 loss of more than l 
trillion lire — just in time to run 
smash into the worst tire mar- 
ket in hair a century. 

Now, Marco Tronchetti Pro- 
vera, the chairman of Pirelli, 
said the company would “cer- 
tainly'' return to profit this year 
after" “two years or very deep 
restructuring." Analysts in Mi- 
lan expect the company to net 
around 100 billion lire in 1994. 

The cure has been savage and 
simple: 22 factories were 
closed, and downstream activi- 
ties were mercilessly chopped. 
“We got rid of everything which 
was not central to our core busi- 
ness,” said Carlo Banchieri. 
who is responsible for Pirelli 
tire production. “We used to 
manufacture everything from 
hot-water bottles to tennis 
shoes and rubber mattresses.” 

Today. Mr. Tronchetti pro- 
fesses to be delighted his com- 
pany failed to win Continental. 
“If we'd succeeded in taking ii 
over, it would have been a di- 


break-even.” a spokesman said. 
“Bul you can say we’re very 
optimistic.” 

Operating profit at the chem- 
icals giant rose 33 percent in the 
first Five months of 1994. The 
strongest growth came from the 
company's energy sector and 
from recovery in the plastics 
market, spurred by improving 


demand tn other European 
countries and a relative con- 
traction in supply. 

A prime factor in the im- 
provement of Montedison ac- 
counts is a series of operations 
to reduce the company’s debt 
load, which it says should drop 
25 percent, to 9.5 trillion lire, by 
year-end. 


'We got rid of everything which was not 
central to our core business.’ 

A Pirelli executive 


casts. I’ve gotten it wrong be- 
fore." Spokesmen, however, 
said the company would reach 
operating profit in 1994 “if pre- 
sent market conditions hold.” 
They cited a Goldman, Sachs & 
Co. study calling for net profit 
at the computer maker in 1996. 

Olivetti is heartened by what 
it sees as signs of a comeback in 
its core personal-computer 
business. It said sales rose 6 
percent in the first quarter of 
1994, while orders climbed 11 
percent. The company has shed 
36 percent of its work force 
since 1989 and has even turned 
the green lawns surrounding its 
headquarters into bay fields. 

Pirelli got into trouble with 
its failed takeover of the Ger- 


sasier,” he said, "Both compa- 
nies were already in trouble, 
and a merger wouid have 
thrown management into total 
confusion.” 

Montedison came our of the 
fall of Ferruzzi, the once- 
mighty agrichemical group that 
controlled it, with a shattered 
management and a mountain of 
debt that, at the end of the first 
quarter of 1994, still totaled 
12.7 trillion lire. The company, 
now controlled by Ferruzzi 
creditor banks, posted a loss or 
□early 1.4 trillion lire last year. 

Even Montedison is quietly 
informing analysts that it may 
declare a token profit in 1994. 
“Our official position is that wc 
can’t exclude the possibility of 


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1NTEK1VATIQNAL HERALD TRIBUNE, SATURDAY-SUNDAY, AUGUST 13-14, 1994 


ten’s Strength Fuels 4% Gain 
In Japan’sJuly Trade Gap 


Asia’s Appetite Gets Larger 


.TOKYO — Japan’s political- 
ly sensitive trade surplus wid- 
ened 4 percent in July from July 
1993, pushed by the yen’s' 
strength and robust exports of 
automobiles, engines ar y? semi- 
conductors to the United 
Stoles. ■ 

The merchandise trade bal- 
ance, a measure of the flow- of 
goods in and out of the country, . 
came to a surplus of $1230 b£' 
hoo in July, the fifth-highest 
ever, the Finance Minis try said 
Friday. 

It said Japan exported $34.44 
billion of goods durin g the 
month, up 6.9 percent, while 

imports amounted to 522.15 

billion, up 83 percent. 

Expressed in yen, however, 
the trade surplus m July fell 43 
percent from a year earlier, with 
exports down 1.7 percent and 
imports down 0.1 percent, the' 
ministry said. 

A jump of nearly 9 percent in 
the yen’s value against the dol- 

Tt-J.l 1 - _ 


dollar terms, officials said. - - 
As long as Japanese exports 
keep selling well and foreign 
access to Japanese markets is 


hmiied, -the yen win remain 
strong, economists said. 

... Japan’s surplus with the 
United Stales grew 20 percent 
-in. July; to $5.63 billion, maric- 
. ing the.frfth sciaight month of 
year-^year gams. 

Robust economic growth in 
the Uni ted - States spurred de- 
mand for automobiles, machin- 
ery and semiconductors from 
Japan, said Fuxmo Tomori. a 
Finance Muusttyspokesman. 

japan’s trade surplus with 
Asian cotmtrics widened from a 
year 'earlier for the second 

straight month, to $6.28 billion, 

a gain of 13.7 percent 
In trade with the European 
Union, however, the surplus 
harrowed, for the seyenth 
month in a row, to $1 36 billion, 
down 7.4 percent. 

V Also on Friday, the Bank of 
Japan said wholesale prices fell 
OJjtienxmt in July from June. 

.. lac domestic wholesale price 
index in July levded off as high- 
er prices for electric power, gas, 
petroleum and coal were offset 
by price declines for machinery, 
food and livestock, the central 
bank said. . . 

(Bloomberg,, AP. AFP) 


MenoSees 

Stability 

bi Dollar 


AFT-ExJdVem 

TOKYO — Yasushi Mieno, 

the governor of the Bank- of 
Japan, told the cabinet that the 
dollar has settled above the 100 
yen level, the director of the 
Economic Planning Agency 
said Friday. 

Mr. Mieno said there had 
been a “break” in dollar setting 
in the past month, with' the dol- 
lar settling at 100 to 101 yen, 
according to Masahiko Konra- 
ra, ibe director of the agency. 

The dollar was fixed in To- 
kyo on Friday at 30030 yen. 

“The yen has weakened 
somewhat, bat currency move- 
ments remain the biggest source 
of concern," the agency director 
said. 


Compiled Iff Ovr Sufi Fran Dapaicha 

CANBERRA — Austra- 
lian earnings from food ex- 
ports to Southeast Asia could 
increase fivefold in the next 
16 years if producers scire op- 
portunities presented by ris- 
ing growth and changing pal- 
ates in the region, according 
to a government study re- 
leased Friday. 

But the Department of 
Foreign Affairs' report cau- 
tions that Australia has paid 
insufficient attention to the 
transformation in Southeast 
Asia’s food and agricultural 
picture. 

“To achieve this target will 
require a rethink of Austra- 
lia’s food and agricultural 
strategy in these dynamic 
markets,” the report says. 

The population of South- 
east Asia — comprising Indo- 
nesia, Vietnam, the Philip- 
pines, Thailand, Malaysia, 
Cambodia, Laos, Singapore 
and Brunei — was 450 mil- 
lion in 1991 and is expected 
to rise to 615 minion by 2010. 

Economic growth in the re- 


gion has increased consump- 
tion of traditional foods and 
changed patterns of food 
consumption, the report said. 
Southeast Asia's gross do- 
mestic product now exceeds 
that of Australia. 

The economies of South- 
east Asia have average 
growth rates of about 7 per- 
cent a year. 

Southeast Asian 
imports of food 
and agricultural 
products doubled 
in value from 
1981 to 1991. 

The change in food con- 
sumption patterns would 
strengthen the established 
trend of growth in food im- 
ports, the report said. 

“Many of the goods subject 
to increasing demand — such 
as wheat, beef, dairy prod- 
ucts, temperate vegetables 


and fruit — are ones in which 
Southeast Aria is cither a 
nontraditkmal or minor pro- 
ducer," it said. 

Southeast Asian imports of 
food and agricultural prod- 
ucts doubled in value from 
1981 to 1991. 

The report said that if this 
trend continued, by 2000 the 
Southeast Asian food and ag- 
ricultural import market 
would be worth about 5% 
billion and would grow to 
around 560 billion, m 1991 
dollars, by 2010. 

The report said Australian 
food and agriculture exports 
to the region could rise sharp- 
ly, given Australia’s geo- 
graphic position and its abili- 
ty to produce cheaply. 

“If Australia can improve 
its share of the Southeast 
Asian market for food and ag- 
ricultural imports from 73 
percent in 1991 to 93 percent 
by the year 2010, then our 
annual food and agricultural 
exports could be worth $6 bil- 
lion by the year 2010," it said. 

(Bloomberg, Reuters) 


Transfer of Lai’s Rights Accor Asia Looks to the Budget Sector 

IJnnOSftfl nV n^0l1lRtnr4 Reutm The group’s brands include Sofitel in the next three years. It currently mar 

JT .1 *V o SYDNEY — The hotel management five-star market. No vote! for business hotels with 10,000 rooms in 12 Asia 


Bloomberg /harness News 

HONG KONG — The Secu- 
rities and Futures Commission 
opposes a proposal by Gior- 
dano Holdings to transfer vot- 
ing rights from its former chair- 
man to three directors, Jimmy 
Chan, executive director at the 
clothing retailer, said Friday. 

Giordano announced Thurs- 
day that Jimmy Lai, who 
founded the company in 1981; 
had resigned as chairman. 

The commission considers 
the transfer of 36 percent of the 
company's rights equivalent to 
a sale, Mr. Chan said. A sale of 
more than 35 percent of a listed 
company requires a general of- 
fer to all shareholders. 

Giordano, however,' is ■ un- 
likely to want to make a general 
offer or to allow Mr. Lai to 
retain his rights. 

The resignation came two 
days after China closed the 
company’s Beijing store in ap- 
T parent retribution for Mr. Lai’s 
oitirism of die Chinese govern-. 


meat. Giordano plans to open 
20 to 25 stores in China. 

Giordano proposed splitting 
Mr. LaTs voting rights among 
Mr. Chan, Executive Director 
Raymond Cheung and Chief 
Executive Peter Lau, the new 
chairman. 

Mr. Lai would remain as a 
pasrive investor who would not 
instruct the directors how to 
vote, Mr. Chan said. 


• SYDNEY — The hotel management 
group AAPC Ltd. is targeting the budget 
end of the Asia- Pacific hotel market, say- 
ing it sees that as the market’s major 
growth area. 

That part of the market is fragmented 
and is the most profitable sector, David 
Buff sky, chairman of AAPC said. 

AAPC trades as Accor Aria Pacific, to 
reflect the name of its major shareholder, 
the French hotel group Accor SA, which 


owns 30 percent of AAPC 
AAPC bought the rights to use the Ac- 
cor brand names last year. 


The group's brands include Sofitel in the 
five-star market, Novotd for business 
class. Ibis and Mercure in economy and 
Fonnule 1 for the budget end. 

The World Travel Organization has 
forecast Aria's share of world tourism will 
rise to about 20 percent by 2010 from 
around 3 percent in 1970. 

Mr. Baffsky said Accor was uniquely 
positioned to capitalize on this growth, as 
it was the only hotel group on (he Austra- 
lian stock market with a substantial pres- 
ence in the Aria-Pacific region. 

Accor aims to more than double the 
number of hold rooms it manages over the 


Hong Kong Investigates Former Official Giina to AUow More Banks 


Bloomberg Businas News 

HONG KONG — The Securities and Futures 
Commission said Friday ft was looking into 
allegations made against Frauds Yuen, who was 
chief executive of the Hong Kong Stock Ex- 
change from 1988 to 1991. ■ 

.. “We have received documents and are examin- 
ing them," said Kathy Ho, a spokeswoman for 
the agency. 

. According to published reports, the docu- 
ments contain details of margin-account trading 


by a company in the British Virgin Islands alleg- 
edly controlled by Mr. Yuen's parents and mar- 
gin trading guaranteed by Mr. Yuen. 

Since February, Mr. Yuen has been in a corpo- 
rate and legal battle involving Seapower Interna- 
tional Holdings Ltd. and Seapower Resources 
International Ltd. 

In a statement issued Friday, the directors of 
both companies said the allegations about Mr. 
Yuen had nothing to do with any company in the 
Seapower group. 


Bhomberf ; Business News 

BEIJING — China plans to open more rides to foreign 
banks, but restrictions on their ability to handle yuan are not 
likely to be lifted soon, a central bank official said Friday in 
the state-run newspaper China Securities. 

Foreign banks are now pennited in 13 rides, including 
Shanghai, Beijing and Guangzhou. 

Yan Wenyou, director of the department of foreign finan- 
cial institutions of the People’s Bulk of China, has said that 
China was not ready for foreign banks to handle such func- 
tions as savings accounts and foreign exchange transactions. 


Page 11 

ASIA/PACIFIC 


HongKcwig ." Singapore 
HarigShrig .Times 


Tokyo 
•Nikkei 22$ 

. 220M- * — .- 


• . y"— -y. 


Exrirang©'^;; •• 

Hong K6n$ ’;;VHang Swig'' 
Singapore/. •••'' StraitoTlme^ 7 
/Sydney ' ••WOftfnSfesV 
Tbfcy* : ; 225. ' ? . - ' 
. Kuala 

Bangkok^' ;:^T - 

Seoul--'. • • . • ,:i- Ccwiposite Stock 
Taipei " r - .'■ •'We^^Price": 
^Ba' ■ ' : 

, Jakarta 

. NeWzBartwtif.. ' NZSg^: -- ;. 
.Bombay - : ' ' ‘ Nation#, irofek. * 
Sources: Renter 5. AFP 

Very briefly: 




i.jj 

.Friday'... 

■■■Close • 
.9,46436 

; 1,105.23 


$£28.14 

.3,00736 

474*9 

:i2J)7l34 

2,12233 


to «r*sn tx ■ 

-■ . .1894 v. . •, 

' ■Prev- 

' Close : Change 

9,324.54. . >0.63,; 
.■■+B.7T- 
,■•2,062.80. .■■*033 
I 20321.36 -0.76 
. 7.1 .Mi '48 V. "^36 
, -1,425.49 / ' - • 
'40.7Q- 
6,692X32 ■■ -0,55 • 
. 2^76:99 . '+LQ2 ' 
7473.53. *oil 
•' -2,087. 59. 1 +0.23' 
2/J7&JBB' +SL23 

huoiDUnnal Herald Tribune 


next three years. It currently manages 65 
hotels with 10,000 rooms in 12 Asian coun- 
tries. A further 38 hotels with a total of 
about 8,000 rooms are under development. 

Mr. Baffsky said Accor would soon set 
up a listed fund for the hotel properties it 
owns in Australia, New Zealand and (he 
Pacific islands. 

He said this strategy was based on re- 

g uests from fund managers in the United 
rates, Europe and Asia, who are looking 
to invest in the Asian tourism industry. 

AAPC will not rush into Hong Kong, 
Taiwan or Japan, Mr. Baffsky said. 


• All Nippon Airways Co. said it planned to reschedule or cancel 
some of the aircraft i; ordered in 1991 from Airbus Industrie and 
was renegotiating its orders from U.S. aircraft makers. 

Japanese bankruptcies of companies with liabilities of more than 
10 million yen ($100,000) fell 4 percent in July from a year earlier, 
to 1,120 cases, according to Tokyo Shoko Research, a private 
research institute. 

• Phffipptne Alrfmes* striking workers defied a government order 
to return to work, vowing to remain on strike until a dispute with 
the airline was resolved. 

• STAR TV, the Asian satellite television broadcaster that is 
controlled by News Corp-, said it would diversify into a range of 
industries, including publishing, sports promotion, telecommuni- 
cations and radio. 

■ Japan's governing coalition will submit a proposal to privatize 
government-run entities such as Japan Highway Public Corp^ 
Forest Development Corp. and Tokyo Expressway Public Corp. 

AFP, AFX, Blotmbcrp Reuters. Knight- Riddder 


Save on international phone calls compared to 
local phone companies and calling card plans. Call 
from home, office or hotels and avoid surcharges. 
Call for rates and see how to start saving today! 
Lines open 24 hoars. 

i Call: 1-206-284-8600 

<S^jaMDaCIS Fax; 1-206-282-6666 

419 Second Avenue West. Seattle, WA 98119 USA 


INTERNATIONAL CLASSIFIED 


PERSONALS 


CONFERENCES 


DEASE5T RACHEL Another yw, SCOTLAND, AMiDEENSHHU:. 
■ beferi U no*. A birtfey wb/y ” °7 Tftrftata 30 bodooci wamcin wfa 


rioud. I mss you so, dad diboagh 
. mol I dram of you, with al my 
. Sort. AAtLT To Awo H. : 

BRA0V Happy Areweraoty Doing 
The beat a yw to «*»» . • , 

Al ay low (crew and a day John 


ANNOUNCEMENTS 

Attention visitors, 
from the Ui. ! 


antmxx fariBiesr on 4JOOO an 
•dote,' 40 minutes fen Ahnrdoen, 
QwdaUa fcprafesWy far rorporo- 

hoMy or tpoflro 
wok Dmt ikAng, yww ond 
Msraost' 6m occes » 

Mia dm and got' TcAptonn . 
44 7T 4V3 8272. ( Otta howi «ly| 
w fw; 44 71 493 6791 . 

MOVING 


INTERDEAN 


OASS A BANK « In (roe ww* wrii 
ulw ini d i u teifi sen km aid M o M whtd 
faonlmn aid uantes aanate. US 
S50JMD. kaoafirte tfwnfcr. Cdl 

s«, i ns , s."» F Ti^ 

FAX D71 Z31 9m. i 

OEffERATBY SEBOHG, wiftfied. on 


REAL ESTATE 
FOR SALE 

FRENCH PROVINCES 


USA RESIDENTIAL 


WAIBHONT; 
ItedOMtdhndwUtra 
•tari fa Uodi W STONMOTON 

rowrwtt coNNEcncur. 

Gna view aw vdagr harbor, long 
Wood Sound. MWc Occav i bt£ 


REAL ESTATE 
TO RENT/SHARE 

GREAT BRITAIN 


P80VBKS-Uffl«ON *35 

SWwwAirwIWiwondAdBW fOQW. 3 4 efaK 

Ok) & authentic BASTDE m a baaitful ** 

TtAVa O OCTW gin L MW?* "—SSSwKfl SS hV* 1 - ^■-^ 5. 


FORAREEBnMAIECAU 


quirod bank oecom I\mim «Wh an 
ofMwro coapav facBy « a »# 
tenadon jmndHon IK +44 1 7W 

830136 ■ 

2nd WAVS. DOCUMENTS. fr 

OH5NORE OWWKfa W 
brodwo a ad w» Tek tandon 
44 81 741 1284 Fans 44 8? 748 dSSB 

BUSINESS SERVICES 


laRng wtfi penoranc views, ftjccpllotv 
7 bedraomv 7 bafts. AD restored with 
kite SuiTcardad by 4 aaa V rot 
Mrdure inns. tgpB ewa ne w B pool 

BKmkxoi nonm 
Tat (33) 90 72 01 » 
ha (33) 9072 10 82 



211070 100 IHIBNHDS on 



09 93 24 
9»l 12 12 
«S231 11 


tamOfTaw manwa • 
DHL Tek +41 w 73 
711843 


® AMBDCA ON SAlHt FAX US voor 
. noedt dDdiifl, otnoBonK & show. 


If you enjoy rearing ttie IHT 
when you travel, why not 
abo get it at hone ? 
Srinedoy defewy owtfabte 
m key alias. 

CoB 11)800 882 2884 

(in NewTwt aB 212 752 3890) 


BARBAE A5 24 

on 13 AOUT 1?94 

• Pro Hon TVA WObtSr bash 
(lm)uclionAafo>*hvdemnl^ 
feneteoj S bortOH aoli«S« 


FIANCE taM C) mi Wt-IVAi l 

«fc34iT ] 

SCWritf SC »s4 


41 
44 
44 
34 
44 
49 
33 
43 

39 

ZUHCN 41 

DtSAI 971 

ATLANTA T 

WASfMSION I 


0) S9 920 

1) 17 (B 91 
759 22 85 

85 47 44 
W) 200} 
343 85 30 
74244 47 
941 41 41 
<71 24 50 
877 51 00 
141 5034 
39 20 14 00 
145 47 04 
9 5231 87 
945 04 00 
31 3030 
a 497 13 37 
I 42048 19 


AKACHQN[33J , 
ItoB&ewTySs -JUer, 300a from broth 
in a q*h and w n idewid area. 

j&entwJ uHupxr rm\ pdrki nnnuv 

1200 tqjn- aordera, 300 B|A Eoiig 
uoos + ISOiqjTL adbwfaas. 
Ariin prim TZ2QDJXB. 
PaaMir of fathoiirta UW qm. 

■dro kted. fadwiwdh 
fax prwfacro {33)47 OS 42 SO 


LARGE HORSE F ABM 

Two 2-btdroom guetf/jenrctf qucslen. 
Fuh pool adoor pool, mono, fxmo. 9 
bade, 4 finsiacBi. Jar gcroQn, many 
btdfa nv UcWi "add#, secaity system, 
eta video in teueral aredicnL 1 J hra 
from Chicago 5 n*n bad npcort 
Direct from owner. Mwt sd USi U 
MCM* +41-91484 08 7. 


PARIS AREA FURNISHED 


74 CHAM9S ELY5EES 

CLABIDGE 


PLAZA BASILICA APAKIMB41S 27, 
ComiMfaM Zodte Mubid leo i ted m 
the Rncndd & badne* area A wane 
& indwdnl ttyto. Daily - Weefcb ■ 
MaMr rates. Besenoixyit - Tet jj*- 

EMPLOYMENT 

EXECUTIVE 
POSITIONS AVAILABLE 


mmcHiAwniM 

stab US. lawyer tor heekmea' 
part-toe oolaborrtioa 
Send CV css} aw Inter to 
GAinet MMnal 
53 w. VkfarHega, 75114 tafc 

GENERAL POSITIONS ’ 
AVAILABLE 


AUTOSHIPPINC 


LEGAL SERVICES 


SAVE ON CAS SHPCMG. AAESOO. IMMIGBATION TO CANADA 
Knbbear 2, Antwerp Bdtpmv To/fiwn Omadan liompmhon lawyer 
US. Afnm. Renter Bata nSna Free prepare Van oppkoion rod condect 
heed. H 32/3/231-4239 F* 232-6353 tab search far prwpectere immgrares. 

Contact Leonard Stem. Red. H. 12S5 
~ Lard Bwl, 5ute 208, tounr Roved 

AUTOS TAX FREE . Quebec. Canada H3P 2T1. Fov (SlAj 

mpw— m i ■■ . ■ 73PJ7P5. 

DtTOSCt FAST. 529500. P O. Box ! 
8W0. Anrdteun, CA 92802. Cd'Fox 

TKANSCO BHGIUM 

The kroot OTWpcrl ran^ony IMMGKATE TO CANADA. Lawyer 
n Eiim for fh# pad 20 jeote. assert wofosonot buenee. Mr. 
Al makes and teedfk Karas. <f65Drt1B00/ftrwt16-599-S582. 


TRANSCO BELGIUM 

The tagesi a w export corapoay 
in Eunve for Ifte patf 20 jeort. 
Al makes and nwddv 
Export ytenry j i Uiu L 


Tat |1) 44 13 33 33 


UJL en E/I - TVA« 17, 


AUmAGNEZonaC OMMVAlM 
GO- 057 FOD i 0A3 

sexr7i.u scsp 1 

ZSrfk* 

ESMCNE en PTaS/I - 1VA 1*DK 
SfS 17 SCSft9WI9 • 


USTSMBKOK 

nOBADE 38 0U 45 35 94 
■UCHAUST « TV 211 12 M 

BUMFBT 36 277 2877 

MOSCOW 7 SD) 224 81 OO 
FAASUE CZ 30172 39 

WARSAW 48 m 40 88 87 

OMFAMM& Ot£ COMPANY 


AC i 
AC5. 

A.OS, 

A.OS 
AOL 
ACS. 

AOLSL 
TULA WARS* 


CAPITAL AVAILABLE 


HJNDS A VAUABLE 

FC8 

AUOJSJNBS PeOJSCTS 
CB PCS 

LETTHS OF O BMT 
BANK GUMANTSS 
OIHB ACCEPTABlt COUATBWL 

Broker's cnotason (pcranMed 

Mrodrorr AUJJCA * Oe 
FMANOAL MSTITUnON 
Brumte-naGIUM 

TUBt 20277 


SERVICED OFFICES 


BRUSSELS - BjELGWM 

Torer cBto 4 cB mhwh 
H 1I45MUM 
Fare 32-2-534 02 77 



SWITZERLAND 



GENERAL POSITIONS 
WANTED 


LAKE GENEVA* 
MOUNDUN RESORTS 


FRENCH RIVIERA 

Oiwttsais UJXHVtOtOR BAKE 
te perfaa njdfaj 4 odbn, 30m. 


EXTIAOtt 
-mcfayal 
aoau, 15 

iivattebe 
pnaa far 
C2ty»a 
from 27 k 


USA FARMS A RANCHES 

2 25' AOS CHEMKAL FRS FAJtM 
Saudi Ccrtrd F emyt iroia. 14 acres 
wooded, 200 acres tSabto or bald- 










APAITMBfT n CAMRONE r/TTALiA 
fan Ltei Luaano but SINK TAX 
FBB^. Direct ham near SFr. 1 J 
raSon. wa accept term. Ftae afl 
+41-91-4840®. 


LOS JBtONUlOS APARTMTO5 
McrsTO. 9 Mortal. Between Prada 
Muusn & te&D Fork. Ffaefl emuotte 
of bottaral fmAK Daly - W eeldy 
- MonMy rates, fatervdicm - Tel p*- 
1| 4200211 fa. 04-lj 4294458 
7 F1AZA 0E E5MNA AMKTMSHS. 
In the heal al Mortal Hfoh don 
data to faL Dcfly weetey, arotMy 
rates. My eampped. Deed reserve- 
fate. Tot 34.1542 85 85. Fro 
34.1J4&43A0 


MoebtanjUb. 

Ruert&^h rod Sproafa well-. 

tsaubatat 

Tab (33-11 4S.47.40.10 

AI 7 TO RENTALS 

CENTUtT 5B7DWVE 



E m opecn. African & US, specs. 

Tronsca 51 VbjsfrKhjndr., 
2030 Arfwem Befomm. 
et 03/S42AZ40, fc I0R425B.W 
telex 3520? Tram BL 


new TAX-Htff and 
, AIL ISADMO MAKES 
Sane day regidrtUion paaible 
renewable ip to 5 years 
We dm regtria can wnh 
|eq«r8 faraipn (mJree) pldai 

K2K0WTS 

Aired Escher Street 10, OT8027 Zurich 
Tel 01/202 74 la Tata BI5FIS 
Fas 01/202 76 30 


OCEANWIDE MOTORS 

State 1972 broken for Merttedn. BMW, 
Pondte, C3M A Ford. Woridwxfc 

Tentogenstr LD40474 DaeseUarf 
Tel P)211 -*444^ Fan 4542)20 

atk tmtumml tax hS cars. 

Export + shipping + rerotiufan al 
new & used cars. ATK NV| Temndiei 
4Q, 2930 Brtrw+iart, Befoxnn. Phenes 
H M550(& Tehst 31585! Fat (3) 
MS71D9, ATK. *na 1959. 


LOW COST FLIGHTS 

WOBDWDE. Speed departure a the 
lowed ever dbcovd: economy anfore. 
Credl cards ptobk Tel Pans p) 45 
89 1081 Fw 42 56 25 82 

WORLD AVIATION - SCHEDULED 
FUGH15. 1st, business, economy at 
lowest fores, td FT fens (1147044751 

HOTELS 

GREAT BRITAIN 

SCOTLAND. ABERDEENSHIRE. 
Tratfifond 70 bedroom mormon wOh 
GonferenoB focXtaK an 4JD0D acre 
estate. 40 minutes bom Aberdeen. 
madOUr unmedxtoy for rarporor 
bora, priwtee hoidays or iportno 
tymicoJes Deer aarong. greto and 
dwasort shoahng. B osy excess 10 
htang, skteo and gdt. Telephone! 
44 7T 493 B272 [office haws odyl 01 
to- 44 71 MAS) 


HOLIDAY RENTALS 

FRENCH PROVINCES 


GOING ONCE. 
TWICE. SOLD!!! 

INTERNATIONAL 

ART 

EXHIBITIONS 
AUCTION SALES’ 
COLLECTOR’S 
GUIDES 

IN SATURDAY’S 

INTERNATIONAL 
HERALD TRIBUNE 
TODAY 
PAGE 6 

COLLEGES & 
UNIVERSITIES 

EARN UNIVEBStrr degrees wfong 
mark. We 4 academic experience. For 
ewteetan & Infonnahan forward re- 
sume fo- Pbdft: Sawhem Unversfy, 
9581 W. ISco Btvd., Dtf*. 121, Los 
Angela. CA 90035 USA 


COLLEGE DEGREES. Licensed. 
Accredted. Home Study. FAX; 
347-3432 (fee (SJ4J 36UB80 USA 


F8E-C0UIMBIANABT 

GALBBE ALT-AMBQKA, Schwctarr. 82 
D-70J 93 Shflgart, Fax + 4971 ! AW9U 

EDUCATION 


P gETTT MA 5 NEAB ABES/ AIMES. R®40t LESSONS/ CONVERSATION/ 


81, IRT, F-92521 Neu*y _Cdv_ 


FRIENDSHIPS 


^SESS&l* nr>EDrm Brigitia 
>J v Fahrenkrog 


-WORLDWIDE EXCLUSIVE MARRIAGE AGENCY 


nannies and domestics 



f /MONRO£ N 

/ Nannies 

' International 1 


FERJMa tat? — htoBBjwyta? i 

SOS mt iw.- 

11 p* Telftr'BDK'gttW-- ! 


JakMATXJN F08 OfWt ewy 
oorreng n AuyM, ; ftecere^& cor- 
OOtej nepuBstm Tb Pant 7^3314050 ; 


BUSINESS 
oppc«mjNmES ; 

FAMOUS mS fSTAWW 
Bed prefan ei Gnta Britaid. BwdW 
but on mefBaf facotion. A m time 
Cffwrtwto fa «tafa 0 P*wiw 
fawness taough rctrewL Fof debk ; 
kuM7imVP9 I 


•Ntusa^NuKse 
, ‘Gcwss^sses 

Aorfor loa tan ocrtmcik 
hrUJBAtnajamdaseai 

hemry 


KJSmONS AVAILABLE 


! liwammcoBFomwi 

f TmmksbtaetxmdlatMtr J 
§ reyw to bi i OBnprfeidflrafeei'. J 
I Nursar Vode JP5W M 

I Wfprari dp baby nmecRCWnro I 

Jbdpt. Ail ataRible for tacrm(iMnI| I 
I fbcnofaUnKdNnv Agency. I 
|-11t : ttafal71Z9IM-EBi7t29f!5B I 
P - lorAos Paris 'Bnjt&es. g I 


PQSmONS WANTED 
BURS VAIS, 22 VI sbvke 


SOUND 

EXaUSIVE 

CtWFTDENTiAL 


Emdirt ipx>^6 tlQ0 ^ aid ^ oy nwicp | r\ CLASSICAL BLWBJEBEAUrV... 

Mjftaon or hoMtaU Mrti- II IN ffiE BEST STS A IOUNGCQSMQTOUTjWLAIJY WTTHOASS SHE 
to . vwi * ■g h J .7*? I w IUS IflNG BLONDE HAIR. IS SUM ANO FEMININE WTO A REFJNEP 


SAY YES.. Til A PAKTFteBSHBPTHMAICH 1ME 

nvTERNAHONAL PARTNKRSHJF-A CFTS CY 
with abslute Ftasrew. assistance 
Give me Yr*.v RucrewnscE. 

Cull ME evfiftY bay (alsi Sat/Sln) 
GERMANY. EuxtVACHsrruuBSI. 

0-60.1 J 6 FRANKFURT AM MAIN. 3-7 PM. 

Tcta + ■» - 171 - 3AS 52 52 
Tel: + 49' 49- 431979 
Fax; +49- <W- 432046 

NW V0UTANFW VMM AFTOfNnffiNTFW 
NEWW3RX -LOS ANCTLES-STNCATOaE 

INTERNATIONAL OFFICE 
FRANKflfRT- GV THE HEART OF EUROPE 


EXCLUSIVE IN MUNICH 
gabricle thiors-benso 

F«c +«- 89 - 5423455 -TflL- +49-89 -6423451 

THE SUCCESSFUL.. 

GERMAN COUNTESS - 38/57" 



SOPHISTICATED INTRODUCTION 
TO THE BEST 

IN INTERNATIONAL SOCIETY... 
THE EUTTE^. 


| GERMAN COUNTESS - 38/57" EUROPEAN INDUSTRIAUST , 

A HIGHLY QUAlffSb PtSSONAUJY ANO HERBS TO A TRADttlONAl A Y3W B&WKABUi, SUCCESSFUL COMPANY CWNBl - SS/bV - rxidj 
FCXWN£ . INTBNAWNAL BTATSAhC %35p&K&. S^m seeks nr oapoeftef M9AB& OF tiff FffHNAnQhMt VZOBW OF COUMBtCL Ok J 
I — - w j, r cmk 7 k ', **!*/ *> set **, al 

I ms* * i qi p^ rromlxys^^ m obvious sew for laycty and guidance. TWS QS&iT ALSO HAS _ 

I CCTmI did idEnvooflof busnoss iwmomciA 

|CAnOh6AJEREOll&TH)WWH7NGL fOBNiALAFnCAJKJHSABEUOlJBStWlN 


r TOU Also EStEWI 1MDTOONS, BfflCS AND MORAL VALUES WE W*i BE REASED TO RKBVE YOUR APPUCATICW. 


Donty 1 0-1 9 hr*. D-81545 MCnchen/Germcny Honhouser 5tr. 10-B 

— — — — For responsffsie people __ 


B y appeMmsnl 


J* ELEOART APPEARAHCT- she has an enchanting and fascinating 

Heqdt rf S taE. T otd | Cfcar- rEhhw^uty. SHE SSDPHIsnrAIHJ. WITH AGroDSENSSOFHliMDR AMD IBtY 
91*1 retfieued londm WARM HEARTm SHE IS FROM AN WUft CTASS family WITH AN EXCELLENT 

-Pg. 31g.mj INTERNATIONAL BACKOROWND AND HAS A GOOD SENSE FOR TRADTTK1NAL 

FAMILY UFE SHE UJVB TO BE TIC PERFECT IB5TE5. ENJOYS F3BE AST AND 
DOMESTIC SOLUTIONS AG&CY CVLTURE AND SHE S VERY STOATY: WAlERSfORTl GOLF. SKHNG ANO HORSE- 
TtafitadEtftfarSurien, Ornfftirs, RIDING. ETC. SHE IS LOOKING FOR A PAKTSTBf R) START a WONDERFUL L/FE 
Caaeerk n . Cool/Hometapen, TO0ETHER 


^SSSSiSSL 

t nr ounen, 


DOMESIK SOLUTIONS AGBCY CVLTKRE AND SHE B Y0tY STOIlTY: WATERSF0RT1 GOLF. SKIING ANO HOKE- 
RWS 7SH6- KANCA lg - AGE 40 JD The cpodata for Sdien, Oaeffan, HIDING. ETC. BE IS LOOKING RJR A MR7NB1 ID START a WONDERFUL UFE 

Iforttot taerionee^ ettew Catrorofore. Cook/Hon a tapen, TOCETHER. 

ns * sec *Uj QC>GOIMANY,«- ni-KSSo,«-M-43 »W 

r — - — f He A/ A — — . Ai w < kcM ” ' 1 ^ 


Fntatan l Wuren of Sdetaa Handicapped South American 
Wn pOBB W a tanty/rntelgmos/ Gnttsrnronoktofor-famtteoQninm 
cfaB/fcfcftHiMBlMty fa oddriar to a 3M) yeas «U, ready fa fare about a* 
great warn* tad tarapoBta far nartfa pgr year in Onto, Ecuador, 
ofei. S»e _wud « &w tfjte m eytry bokncf m Errnpe. Ctrtddoe mun be 
taped Of her Be whether weonng td eduated, attracta. Mid ream 
jean or o the dreo/axtena o aedphotafe 
totac drew far hra or oraanamg Mr htrida F. AVEUAN O. 


__ SOULMATE FH» ash* Oocel Ealusve 

UJEOffiAN MARRIAGE BUREAU a&ixy hi Eartwn. Please umr fa 
Cortdereidfey. Brash Motnaeniera. Sodmcite Swte 501, fail Hhm. 223 
HffLAY Wn, CaaeAm. 93 Onrrf y. London W1E 8Q0 Enafand 

Hanfa 4 - 29044 Madrid. — ~~ ~~ 

Teti34-I-S56.TC27FtaSS5.94J7 ATTRACTIVE TOUNG MOOB seefa 


CV 4 phqto s ton 3679, ' 
Neu#y Cectai, Frroct 




All types of work, for, your koine or building 
mPcwis, suburbs and provinces 

OPEN IN AUGUST 

free estimate - We speak English * 

Tel/Fax: (1) 42 0651 86. 


nfNCH NUWtr WITH 5 CHKOIDL 
faoo 5-12 yecre) reek* weO aduaMd 
MtWV htana fai rwponAis of 
'the cMdrta hw hr Septem b er 7994. 


80 ka {rare Fan, near Orhro*. Must 
teM dfam fcence. fltaie lend fata, 
A photo to M. & Mae Atendonard, 
ifCv, aWO Uary. few*. 


/\ m.SlCC£S^LEWRBPRB«^„ 

\ / MANHATTAN PAWS . MONTE CARLO . TH. AVTV. ETC tN ttlS LATE 
4BW JA as UKIWOUS HOMES ARE LOCATED W 774: »DH3t?M05T 
PttTERS) AREAS W EURCWE AND THE Hi I1E IS A WELL KNOWN OWNER OF 
SEVERAL WORLDWIDE COMPANIES A DARK HAIRED GENTLEMAN WHO IS 
PWMIC . ACTIVE AND I1AS AN IOEGAHT AWEAltANCE. Iff. MiXB! ■WELL WTT11 
SjnrnSBtST. A WARM. CENEROCS KAN WHQCAN be VERY romantic he k 

cows. Bunas, 0*k vmsrom:sn»c.Hr^Ri«txireo«.WATER»^E7r^ 

i feai 5? & experienced FOR A CHARMING 005M0F0UT AN LADY. ^ 


toHunhe draw for md or (vganamg 
esdrevagort fartta drnei parties. She 
k fawigoly Md^endeiH. She b in 
lean* of ta d^pble Emopean/ 
AmanoiR bumeaam U&55J who it 
c tatafrfo, wnl j roo re cc . fnawnafafa 
ckener. tatyw bar street swart, 


Mr Mrida F. AVEUAN O. 

A, mm dn (tondent Kenoady 
75114 Rato TRANCE 


finanocAy »o*e persons. FichM^m 

FWTTY AMERICAN WOMAN, hA 
iSa, Monde, fctofa Loreto, seefa J™* (p5 ‘ 72 l i 


tawt rf fomor. and firemaaly "*■ CASUAL, ELEGANT, BEAUTIFUL 
pentta»howanJwtaf*w«hp Gnodfas tator, ooed 40, rdepen 
w«h. ft «w 'fSj. fij** toe reeani bmed in IWncf. seefa 
phone * fa ta 540EL HT, SSO Ihrrd totanithtd gende na s al nto 
Awe. B*i fl, MV, NY loop t^A. _ dta mem awO wifo good woeoi 
renour and joet de vwre, far foreM 


nnbTltb ^ totaishopifagCfe.s 

SB&SU t 


2W.!!rffiSS , ^au--00o™^‘«-m.u 5 aa™.«.«.ai9ir ’SSSaS? 


lean witn 
rrite for Bat 
rAyCrelev 


77 71 2354001. 


a. Free fata Hennas, 
£>10834 Serb. 


mde vwre, far 
rkare endose fii 
to Ban 3404, LHT, 
», France. 


.*2*®! no TOUS POKCT PABTNB « ^ 

i S2 McWntej war fatale dub far sfagtr «STTY FB»t m LM7Y, * 5^^ tot 
t Sro “* m * tetaten- Ask fa frit bredue & ufteuhA gaden m 
uriurh. NSit»aiD umcuiMi toaernemeB m tee. nw 


McWriie, PO Be* 907, 8400 Sireborg, 
Dermal. Fro +4586 BO 12 54 


toaHhema fa Be. Pont l-«M0lH 
Mm Utaou be/ae noon/ato (ftw 


nU|KII I4IW.C 




























































* 


limlo=ffiSfe<knbiittc 




MISm JjjSpiS 

gggg 1 

111 §*$ ¥§£§ 

m 

j : : . w <-■ ' . -r r ; j :X*i- 

fvvsV'-' , TV* ; 

_!%> ■*= ■ : '/ .>?. ’ v r ^ \ 

Saturday -Sunday, August 13-14, 1994 

Page 13 


first column 


It’s a Lonely 
Wait, But 
Worth It 


T HE world’s markets generate 
thousands of signals, and indica- 
tors, the great majority of which 
are greedily devoured by investors 
and commentators. Yet a mid the mael- 
strom of raw information to be interpret- 
ed, there is but one certainty, and that a 
sad one: The only thing we can be sure of 
is that each and *— • * — 



is ambivalent, capable of b ring interpret' 
ed at least two ways. 

The search for tomorrow’s emerging 
markets affords a classic example On the 
one hand you have the optimum, albeit 
q u a l i fi ed, of renowned emerging market 
enthusiasts like Amab Banaji, chief in- 
vestment officer of the UJC. investment 
firm. Foreign & Colonial Emerging Mar- 
kets Limited Mr. Banerji arguesthat the 
emerging markets of the world stand to 
benefit most from free trade. He identifies 
two of the better developed markets, Chi- 
na and India, as key players in this scenar- 
io, but acknowledges that their exports 
will eventually meet, with protectionist 
policies from the developed countries. 

The skeptical view of emerging markets 
focuses on the argument that money is 
spilling into them because the mainstream 
markets are already fully valued, and 
therefore, ripe for correction. 

But the moral seems clear that markets 
really do emerge and eventually join the 
mainstream — perhaps after a period of 
unnerving volatility for investors. Hong 
Kong has already done so and Mexico 
appears to be next So investors concerned 
with finding the Mexicos of tomorrow 
should expea to sit tight for a year or two. 
Or ten. ... 

MJS. 


es Latin Markets Daun ting 


By BaieNetzer 



an 


SK market strategists how indi- 
vidual investors can assess the 
potential risk and return in Lat- 
in America, mid you’ll receive 
ling answer: Don’t even try. 
Sure, main wizards and computet hacks 
have had time enoug h to ca U ci ’ fa t e the 
expected standard deviations, correlation 
figures and risk-measuring betas. But such 
quantitative- approaches are not always 
reliable. Besides, experts say, Brazil is one 
thing, Mexico quite another. 

Indeed, investors who pinned their Lat- 
in American hopes on a soaring Mexico 
have experienced a disappointing 9 per- 
cent drop in their homings rh>> year. 
Those .flat chose Brazil, however, have 
already reaped grins of 50 percent. Chile, 
Peru and Columbia have joined Brazil in 
the .winners' club, while Argentina and 
Venezuela, have (tipped, the latter by a 
heart-s topping 25 percent. Is there a meth- 
od ~to. this madness? 

“The only lesson we’ve learned this year 
is that Mexico and Ar gentina seem to be 
tbe-mest sensitive to interest rate move- 
ments in the United States,” said Laurie 
Meister-Meflca, manager of Latin Ameri- 
can sales at Merrill Lynch in London. 

Because foreign, investors account for 
more than 50 percent of the freely-traded 
shares in those markets, a rise in V.S. 
interest rates may represent a more attrac- 



march to their own dnnnmer.”says 
[y McLaughlin, director of latm 
American equities at Foreign and Colo- 
nial Fjnagmg Markets in T, ondo n The 
lesson for investors: Movements in the 
it $ 1 82 btition Mexican market can not 
counted on to lead the way for Mexi- 
co's smaller Latin American cousins. 

A recent report by fund-tracker Micro- 
pal, in fact, showed a higher correlation 
between the Mexican and Indonesian mar- 
kets than between Mexico and Columbia. 

Many of the Latin American countries 
are not economically linked to one anoth- 
er, so their markets really don’t move in 


tandem,” explained Miss McLaughlin. 
She said she expects that stale of affairs to 
change, however, as the effects of three 
recent treaties — NAFTA (linking Cana- 
da, the United Stales and Mexico). Mer- 
cosur (Unking Argentina, Brazil, Paraguay 
and Uruguay) and the Andean Pact (Ven- 
ezuela, Peru, Columbia, Bolivia and Ecua- 
dor) — begin to kick in. 

Since most individual investors have 
neither the time nor the resources to re- 
search every Latin American market, ex- 
perts recommend exposure to Latin 
America through regional funds that can 
invest across a number of markets. 

But is {ticking a Latin American region- 
al fund any easier than picking a single- 
country fund? A recent three-year com- 
parison by Micropal showed that only 
three of ten Latin American regional 
funds beat the World Bank's IFC1 index 
of Latin American markets. 

In the U-S- market, only one of the three 
dosed-end Latin American funds traded 
on the New York Stock Exchange 
tradeed by Chicago fund-rating group 
Momingstar has been around long enough 
to earn a rating. The four-year-dd ?-nin 
American Investment Fund has a 
top five-star rating from Momingstar. 

However, investors who choose a 
dosed-end Latin American fund should 
be aware that fluctuating share prices may 
not reflea the true value of their fund’s 
holdings. In addition, say expend, a 
dosed-end fund is likely to bold riskier 
investments than an open-end mutual 
fund invested in the same region. 

“Because they don't have to keep cash 
to meet redemptions, closed-end funds 
tend to be more fully-invested and they’re 
able to take positions in riskier small er 
stocks that aren’t so liquid,” says Morn- 
ingstar fund analyst Colin Mathews. “As 
a result of that extra risk, they also tend to 
outperform their open-end counterparts.” 

Among open-aided funds available to 
U.S. investors, Scudder’s $620 million Lat- 
in America Fund tops Upper’s perfor- 
mance ranking for the 12 months ended 
July 31, with a 46 percent total return. 
Scudder also has a 3-month-old fund listed 




Page 15 

Morocco's promise 
Into Africa 
Israel's potential 
The allure of China and Vietnam 


in Luxembourg for non-U.S. investors — 
the S5 million Global Opportunities Tatin 
America Fund. The fund's guidelines re- 
quire managers to bold investments in at 
least three countries at aO times. 

“We pay very tittle attention to indices, 
but in practice our biggest weightings of- 
ten end up where the biggest markets are,” 
says William TruscoU, manager of Scud- 
der’s Luxembourg-based fund. “I could 
never see putting 20 percent of the fund in 
a smaller market tike Peru where there's 
very little liquidity.” Currently, Mexico. 
Brazil and Argentina up the fund’s 
largest holdings. 

For investors convinced that a portfolio 
of individual stocks is the only way to go, 
most analysts advise sticking to “blue 
chip” utility and telephone stocks in hug- 
er, more liquid markets such as Mexico 
and Br azil. 

“There are over forty Mexican ADRs 
traded on U.S. exchanges, or over-the- 
counter. so it’s certainly easy to put togeth- 
er a portfolio of four or five blue-chrps,” 
said Miss Mrister-Mdka. of Merrill Lynch. 
Among the Mexican shares Merrill current- 
ly recommends are telephone company Te- 
lifonos de Mfetico SA, known as Teimex, 
construction company Gnipo Tribasa SA. 
and retailer Cifra SA, which has a joint 
venture with U.S. retailer Wal-Mart Stores 
Inc. All have issued ADRs. 

Although investors can lower their risk 
by hand-picking a selection of blue-chip 
stocks, experts say the wisest strategy is to 
supplement those holdings with a little ex- 
posure to smaller, riskier markets that may 
soar when stodgy blue-chips stagnate. 

“The fact (hat these markets are not 
correlated is a very, very powerful phe- 
nomenon to know for diversifying your 
portfolio,” said Miss Me Lai 


Latin American 
Equity 
Markets 



I Stock market 
! performances 
i 1994 
! Jan 1 si 


70 


r * 


It 




.CS*- 


i..^ .1^ _ 




" V " * . ' 


Jan. 


Feb. 


Mach 


April 


Ha* 


June 


July Aug. 


Latin America — invested Mutual Funds 

Total % return over one year to July 31, 1994 


ULS. domiciled 
Scudder la»i America 

46.00 i 

Offshore domiciled 
i VerSceFtodo 

110.82 | 

| Argentinian fnvt Co. 

5077 

Merri LaSn Amec A 

40.28 

OroFd&azflBeiamEquty 97.59 \ 

| Latin American Fund 

49.89 

Memi Lata Anier.B 

3927 1 

\ Colombian inti Go 

96jQ5 

trinity Fond 

4928 

fittefityLa*» America 

25.59 

Eternity Fund 

6AB9 

BSS UnjyLatb Am A 

41.05 

GT Latin Amei Growth; A 

23 £7 

6am Brad 

64.35 

BSS Univ Latin Am B 

41.05 

GT Lain An»f Growth; B 

3078 

OppFdBiaz88aince 

59-06 

ML Latin American A 

39.77 

UST Nstr; Emerging A/ner 30.61 1 

K.&Nstcosiff Equity A 

54-65 

Emer Mkts-Laiin Amet 

39-05 

TCVM3W Latin AmerGr 

29-94 | 

KJJ-Nercoaur Equity B 

54.14 

Rve Arrows LA Diet 

3&91 


" Mexico - Boise index Chtte. Argentina. Venezuela = Generai indexes 


Sources: Bloomberg. Upper Analytical Services. 


Imsnuliooul Herald Tribune 


Playing ‘New’ Emerging Markets Is a Challenge , Even for the Seasoned Investor 



By tain Jenkins 



Source: Datastream. 


.luarmlioaal Herald Tribune 


. VER the past five years, sane 
i shrewd investors have made a 
' fortune by putting money Into 
noting wmHrgts such as Indo- 
nesia, Peru, and the Philippines- To repeat 
the trick, they may have to reach for the 
atlas again and {Hint on a newer genera- 
tion of emerging slock markets in various 
locales throughout the Middle East, Afri- 
ca, Eastern Europe and the Caribbean. 

Like handicapping thoroughbreds, 
spotting which new markets will join 
places such as Hong Kong, Mexico, Indo- 
nesia and Thailand — now often referred 
to as “mature” emerging markets — has 
become a popular pastime. Mutual fund 
managers nave been racking up frequent- 
flyer miles and huge credit card bills trav- 
eling to the dusty plains of Africa and the 
arid deserts of the Middle East 

“The best hope of seeing the same spec- 
tacular gains of recent years may tie in 
newer markets,” said Peter Jeffreys of 
London-based Fund Research Ltd. “It is 
highly unlikely that Aria and Latin Amer- 
ica will produce the same returns again.” 

But how do you pick which new mar- 
kets are about to emerge and take oft? To 


what extent are the experiences of the 
mature emerging markets relevant to 
those waiting in the wings? Will Africa 
and the Middle East follow the trends set 
by Hong Kong, Mexico, Thailand and the 
Philippines? 

History shows a somewhat consistent 
pattern in emerging markets. A country 
lies in a relatively dormant state until a 
period of political change takes place, af- 
ter which it cakes off. The boom is fol- 
lowed by a seemingly inevitable collapse 
from which a market either regresses ter- 
minally or recovers. 

Sane observers say that Hong Kong 
started the process. From 1975 through 
the end of July, its Hang Seng index rock- 
eted approximately 8,000 percent. The 
main surge took place in the early 1990s, 
with the market rising 44.8 percent in 
1991, 25.6 percent in 1992 and a stagger- 
ing 120 percent in 1993. 

Mexico is further behind Hong Kong in 
the cycle but shows a similar pattern. It 
started to climb in 1987, and since then 
investors have seen a rise or about 2,500 
percent in its Bolsa Index. Once again, the 
main gains came over the last three years 
with respective returns of 50 percent. 20 
percent and 30 percent, as U.S. investors 
poured money into Mexico in a big way. 


The same experience was repeated with 
more recent arrivals such as Thailand and 
the Philippines. They started upward at 
about the same time as Mexico and have 
shown respective returns of about 1.200 
percent and 2,500 percent to the presenL 
Again, most of the run took place in the 
early 90s. 

These recent surges, say some experts, 
can be explained by liquidity flows. Money 
was flowing from the low-interest-rate envi- 
ronment of the United Slates in search of 
higher returns overseas. In 1992. according 
to Baring Securities, U.S. investors pul over 
$40 billion into foreign markets. In 1993 it 
was up to $70 billion, with $20 billion 
allocated for emerging markets, not includ- 
ing Hong Kong and Singapore. 

“The lesson is clear,” said Angela Coz- 
zini, a strategist at Baring Securities. 
“Once an emerging market has got its 
economy under control, it will get a kicker 
in the short term from liquidity flows. In 
the longer term, the key is the value that 
the market represents.” 

“Newer emerging markets should fol- 
low the same pattern,” added Miss Coz- 
zini. “They will start to move when they 
show signs of liberalizing the economy. 
The takeoff will come when there is the 
next global liquidity surge. They should 
benefit disproportionately as everyone 


knows that the earlier you are inio these 
markets, the bigger gains you get." 

But before the liquidity “kicker” comes, 
new emerging markets have to show signs 
of awakening from their dormant stale in 
which private enterprise and foreign in- 
vestment is often frowned upon, and 
where much of the economy is state-con- 
trolled. 

Richard Watts, head or emerging mar- 
kets at Gartmore fund managers in Lon- 
don says: “Many of the promising coun- 
tries start off by getting into IMF 
programs where they have to reform the 
economy and boost exports. If they suc- 
ceed and no longer need to rely on official 
aid — and can attract private capital — 
they are on the way to ‘emerging.* '* 

Amab Baneiji. chief investment officer 
at Foreign & Colonial Emerging Markets, 
said: “To start with, we look for macro- 
economic policy moving in the right direc- 
tion alongside political stability and overall 
economic liberalization. There has to be a 
secure way to get currency in and out of an 
economy. There has to be a functioning 
bourse or a commitment to set one up.” 

John Ross, a strategist at U.S.-based 
Fidelity Investments, said that cenain 
events attract foreign investors. “A queue 
of privatizations on the runway helps at- 
tract capital and causes a re-evaluation of 


existing stocks,” he said. “It means the 
market is broadening ouL It makes the 
market more visible and raises interest.” 
But Mr. Ross cautioned that there can 
be a lot of hype with new markets, and 
that investors can jump the gun before all 
the pre-conditions are in place. “It may 
have happened with China Iasi year.” he 
said. “People were buying a concept. This 
year it is one of the worst performers." 

However. Mr. Watts at Gartmore said 
that fortune should favor the brave. 
“There is a bit of a gold rush going on,” he 
said. “But there are more examples of 
success than failure when you go flying 
blind into new markets. There is no guar- 
antee that it will work out. but there have 
been few accidents in the early stages. 
Accidents tend to happen later, after the 
market has run up. tike in Venezuela or 
Turkey. The real trick is to watch a new 
market overheating" 

More and more dormant countries are 
starting to come to grips with their econom- 
ic problems, and these markets will start to 
show signs of life, say some analysts. How- 
ever, history suggests that newer emerging 
markets will have to wait for the next global 
liquidity boost to really lake off. Thai event 
is probably 18 months away, said Miss 
Cozzini at Baring Securities. 


Privatization Programs Hold the Keys to Maturity for Nascent European Bourses 


By Rupert Bruce 


HE EMERGING markets of 
southern Europe- are, by and 
large, countries that embraced 
_ the doctrine of nationalization of 
itry when it was fashio n able, without 
unbing to the embrace of Soviet com- 
sm« 

day, markets such as Greece, Portu- 
ind Ttirkey are all trying to reduce 
c debt burdens by selling off state- 
d industry as part of large privadza- 
programs. Analysts, moreover, say 
art doing SO With varying degrees of 
ss. 

rtugai is widely held to be the best of 
iree. Some observers have dubbed it a 
rant on Europe” and are impressed 
s efforts to privatize, promote eco- 
c growth, and reduce stale debL The 
wets for Greece and Toricey, say ana- 
are less auspicious, 
e stock markets of all three countries 
harply last year as emerging-maikets 
wok hold Greek shafts rose by 
than 40 percent in local currency 
l and Portuguese shares by more 
30 percenL Turkish shares surged 
than fivefold- 

is year, however, has been a different 
. Just as they participated in thenses 
wept across many emergng markets 
ear, these markets have fallen victims 
: widespread collapse this year- 
- Morgan Stanley Capital Intenia- 
I indexes for Greece, Portugal and 
ry have fallen by 18 percent, .19 per- 
iod 25 percent respectively in local 
nC y terms. But in Turkey, thefaDior 
investors has been magnified by a 
3y 50 percent slump in the value of 
^against the dollar. Wten measured 
lar&M organ Stanleys Turkey index 
illen by more than 60 percent- 
^rding lo Isabel Knight, a ponfoho 
ger covering European eroogmg 
£s at Morgan Stanley Asset Man- 
stit in London, the strength of the 


Turkish stock, market had an added do- 
mestic fillip in 1993. It was stimulated by a 
change in tax laws that encouraged mutu- 
al funds to put 25 percent of their assets 
into equities, and a reduction of interest 
rates. 

But the bubble burst early in the year 
when the lira came under fire at roughly the 
same time as stock markets started falling 
around the world. Standard & Poors, the 
international debt rating agency, precipi- 
tated a crisis of confidence in the currency 
when it downgraded Turkish debL 

Since then, Turkey has embarked on an 
austerity drive aimed at slashing the bud- 
get deficit by half to 93 tuition lira ($2.9 
billion) in 1994 through wage restraint, 
of ficial commodity price rises, new taxes, 
and' speeding op privatization. 

But a recent court ruling has placed the 
privatization program — in which $2.5 
bfflian of assets were to be sold off this 
year — in jeopardy. Effectively, the court 
ruling means that the government will 
have to present separate legislation in Par- 
liament every time it wants to privatize a 


J ihe privatization program does not 
go thro ug h , then you- could have a real 
problem,” said Miss Knight 
Turkey's neighbor Greece has few 
friends among the investment community. 


James Hancocks, an emerging markets 
fund manager at Guinness Flight in Lon- 
don, said: “We score Greece low on just 
about every criteria.” 

The coon try has a high public sector 
deficit, Mr. Hancocks said, and the invest- 
ment community is far from sure that the 
Greeks are committed to doing anything 
about it. 

Portugal, however, is almost universally 
liked. After the 15174 Carnation Revolu- 
tion, in which an ideologically communist 
army took power in bloodless coup, much 
of the country's industry was nationalized. 
But since the social democrats came into 
power in the late 1980s, privatization has 
been pursued. 

Twenty percent of Ciropor, the largest 
cement company in the country, was sold 
off last month. And planned privatiza- 
tions include Portugal Telecom, which is 
scheduled for the first half of 1995. 

Keith Porter, an emerging markets fund 
manager at Gartmore Investments PLC in 
London, says that as Europe grows, Portu- 
gal should grow that much faster. 

Mr. Hancocks of Guinness Flight said: 
“The stock market has very good value. 
The economy is coming oui of recession, 
and real earnings growth in 1994 should 
be about 20 to 25 percent,” 


W HEN the Berlin Wall fell in 
1990 and communism was 
collapsing across eastern and 
central Europe, there was a 
lot of talk about investing in the region. 
But little action was taken. 

Now, however, after several years of 
privatization programs, analysts say that 
fled glin g stock markets in these countries 
are beginning lo come of age. 

Western investors are buying more 
shares on the stock markets of the Czech 
Republic, Hungary, and Poland, say ana- 
lysts. They have also begun to buy in 
Russia, despite the recent mutual fund 
scandal there. 

“Clearly, in each of the markets, priva- 
tization has developed the stock market," 
said Henry Gibbon, acting editor of the 
magazine Privatization International. “In 
most of the countries, there are not that 
many stocks trading because this is a grad- 
ual process. In the Czech Republic, there 
are only 20 to 25 stocks listed.” 

John Govett & Co. Ltd., a London- 
based investment management company, 
is one of the few companies to have raised 
a substantial sum of money specifically 
earmarked for Eastern and Central Eu- 
rope back in the early days. It launched 
the Hungarian Investment Co., a $100 
milli on fund, back in March 1990. Initial- 


ly, the fund drew criticism for not being 
fully invested. 

At the end of 1993. the fund was still 
only 85 percent invested. But a combina- 
tion of new issues and rights issues in 
Poland and the Czech Republic, as well as 
in Hungary, have given Julian Cooke, an 
investment manager at John Govett. ihe 
opportunity to increase his holdings. 

Perhaps the most significant change in 
the region is the sudden interest of West- 
ern investors during the last two to three 
months in Russian equities. 

“There is significant value and strong 
interest in Russian equities from major 
western financial institutions,” said Bill 
Browder, a Russian equities specialist at 
Salomon Brothers in London. “Oil and 
electricity companies are trading at 2 to 3 
percent of asset values based on compari- 
sons with western companies.” 

According to Scott Delman. a director 
of Foreign & Colonial Emerging Markets 
in London, Russian shares — most of 
which are traded over the counter between 
brokerage firms rather than on stock ex- 
changes — have shown more dramatic 
growth than those anywhere else in 1994, 
and have totally ignored falls in both de- 
veloped and emerging markets elsewhere. 
Shares in some Russian companies priva- 
tized in February and March, he added. 



Source: Bloomberg 


lobnuiMui I in At Triimih* Source: CS Fust Boston. 


liHrmiininul Ui-nM Tritwiir 


bave risen in dollar terms by up to 500 
percent. 

Nevertheless, there are obstacles to in- 
vestment in Russia. At present, there are 
insufficient custody and settlement facili- 
ties in the country, although this could 
improve shortly, say observers. 

Elsewhere in central and eastern Eu- 
rope, the emerging stock markets fell 
sharply with other world markets in the 
early part of this year. By far the most 
dramatic story was in Poland, where the 
WIG Warsaw' Slock Exchange index rose 
by more than 1,900 percent in local cur- 
rency terms between the beginning of 
1993 and its peak in mid-March of 1994. 

It was then, however, that the stampede 
out of Polish equities began. By early May 
the index had halved to around the 10.000 
leveL where it is still trading today. 

The Budapest Stock Exchange Index, 
where gains had been modest in compari- 
son with Poland, fell about 25 percent 
and in Prague, the HN Wood Index, com- 
piled by local stockbroker Wood & Co., 
fell by more than 30 percent. 

in the case of Poland, shares had be- 
come extremely expensive. Mr. Delman 
said that although he is bullish on Poland, 
shares are still not cheap. But should the 
scheduled privatization program take 
place on schedule, he added, that problem 
should be eased. 

Mr. Delman said he had reservations 
about the Czech Republic, because priva- 
tization has nol been accompanied by a 
restructuring of industry. He is also con- 
cerned about the liquidity of the market. 
And Hungary, he said, is in for a tough 
time. 

Despite these problems, however. West- 
ern investors are buying selected shares. 
Mr. Cooke of John Govett believes that 
for these slock markets to truly come of 
ap» ihe privatization programs need a bit 
more time lo bring more companies to the 
markets. This would proride, he said- 
. greater liquidity and a larger range of 
shares to choose from. 

Rupert Bruce 


) 


Page 14 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, AUGUST 13-14, 1994* 


S 


CREDIT AGRICOLE 
INDEX IS 

d Irate* Is USA/SAP 500 1 ISA* 

d indedsiopon/NUikH Y 18&U4 

d IndOll CBfrt/FTSE t 1144 

d indexlsPrance/CAC40. — FF 151.06 

o’ IndexiS CT__ FF 117416 

MONAXIS 

d Court Term* USD S IMS 

d Court Terme DEM DM 3* 4)8 

d Court Term* JPY Y 2 Zmx 2 

d Court Twine GBP £ IM 

d Court Terme FRF FF 136 47 

d Court Terme ESP Pto 299CJ0 

d Court Terme ECU Ecu IMS 

MOSAIS 

d Actum inn DhNralllMi — FF I26.IS 

d Aslans Nord-ARwrlcalnes _S 7151 

d Acttons J opona I'jrs. Y 1931.11 

d Arllnm Aiwin WK C I3JH 

d Acnom Aliemandes DM 41.09 

q Actions Francoises FF 1041 

d Actions Eso. A Port Pin 371448 

d Actions HaUemes Ut V0B2K 

d Actions BerssJn Port Roue s 3743 

d Otum irrtt Dtwervtlera FF 119.2 

d OWIe Nord-Amertcaloa— 1 16*9 

d ODUe Jooonabes y 221146 

a Obits Ar^lalses 1 1142 

Cf Oblla Altemandes DM 3747 

d O&IHl Francoises—. FF U9.17 

cf OWW Esp. & Port PtO 26707 

d ObUa Convert, intern. FF 146.49 

d Court Tame Ecu .Ecu 2247 

d Court Terme U5D S 17.46 

d Court Terme FRF FF 1*145 

CREDIT COMMERCIAL DE FRANCE 


H 


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d Som Actio** USD B S I1I2JB 

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DISCOUNT BANK GROUP 

iv Multtcurr. Band SF 1355.77 w 

» Doival Band _s 147.56 d 

w Eurovoi Eoutty - .Ecu 130743 d 

■vN. America Equity S 1429J9 d 

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THE MIDDLE EAST e> 
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10-1 I OCTOBER, 1994 

Hcralb^^lEribuuc VI?# 


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INTERNATIONAL HERALD TRIBUNE. SATURDAY-SUNDAY. attcikpt TH.11 iooa. 


Page 15 



China, Vietnam Mix Roots with Reforms 


By WgbyLaroer 



CCORDING to.Coafucaas.ths 
cautious seldom' err — some- ; 
thing those investing in Chinese 
i> mutual funds nn^t be advised 
joba r in mi n d debate the massive .36 
percent rise in S h a ng hai share prices cm' 
August 1. 

. Although the move was a-wrirrwn* dwft . 
m a market which phmged 8G percent hi 7 
May, analysts are divided overhowsus- ‘ 
tamed the upturn win be. Those prwiic^, 
tog only a sfiort-texm recovery clam 5 that ■ 
the current bull market is finnfyfootedin 
a temporary bid by the Chinese gnv em- 
mmt to bolster share prices.. ; . 

: In fsct the 1 government's decision to 
suspend the farther tosuetf class A shares, 
(those sold only to Chinese investors) was. 
clearly one reason Why the market 
climbed when it did, analysts say. Buthow 
much the rise is anderpmned by market 1 
fundamentals is another matter. ’ ■ • 

■ Chris l eafl et , managing director of . the ■ 
^vestment house JupittiPi^mdall Asia in 
Hong Kong, says that the governments 
reforms were only one reason among many 
for a long overdue bounce in share prices. 

• “There was more to what happened 
than just a boost from the government,” 
he said. “The market had been depressed 
for a while, even though some companies 
were showmgpromising results. Investors 
had become very negative.” 

Margaret Gadow, a fund managpr with 



most other emerging pwricete is its con- 
ttoumgpohtjcal conamtmem to commu- 
nism. Inis has, however, done little to 
curb the country’s long march toward eco- 
nomic liberalization. 


Source: Bloomberg 


latcnwtna! HcnM IMmt 


But for all China’s de facto acceptance 
of capitalism, it stSl has several problems 
to iron out if it hopes to encourage udder 
foreign investment, observers say. Apart 
from needing a stronger accounting and 
legal framework, h also has to deal effec- 
tively with inflation — currently running 
at about 20 percent. 

In Vietnam, China’s neighbor , inflation 
is down to 52 perceat from over 17 percent 


fidelity Investment Management to Lon- 
don; is also skeptical about the degree of 
Influence the Chinese government has over 
the stock market Although she believes 
that halting new share issues was a ncces- 
- saiy step, she said that other government 
plans could do more harm than good. 


last year. Tike China, Vietnam is quickly 
being drawn toward capitalism while still 


■“Banning new issues in what was al- 
Lweaki 



r a weaK market has proved extremely 
comforting for investors,” she said. 
“Something needed to be done to reduce 
supply. Unfortunately the Qwna Securi- 
ties Regulatory Commission has now un- 
veiled plans for $1 .5 billion worth of loans 
to be made available to Chinese securities 
bouses,- effectively to support the market 
1 think that sort of thing can be counter- 
productive, because yon do not have a 
market moving on its own merits.” 

A major difference between China and 


retaining communist roots. Many analysts 
point to Vietnam as a “new” emerging 
market with considerable promise. Indeed, 
sauce the United States ended its trade 
embargo with Vietnam earlier this year, the 
country has alnracfy attracted 51-5 biffian in 
foreign investment. 

The only way into the market, however, 
is to buy directly into a Vietnamese corpo- 
rations. There is speculation that a stock 
exchange will be opened before the end of 
1995, but there are no concrete plans as 
yet. 

Despite this, Vietnam has already em- 
barked cm a privatization program. But 
this initiative has been hit by corruption 
scandals which, analysts fear, could knock 
bade the country’s enthusiasm for market 


economics. 


tall) Fish 


By Michael D. McNkkle 


- 


G OT deep pockets? Don't mind., 
a little risk? Welcome to the 
Kingdom of Morocco. In the 
past 11 years, this Western in- 
fluenced- African nation has bounced 
hack from the brink of bankruptcy to 
become, in the minds of some market 
analysts, a beacon of economic hope for 

an ailing con tinent, 

- While many other nations on the conti- 
nent have slipped deeper into debt, farther 
into the quicksand of corruption, and into . 
the ravages of war, Morocco has quietly 
moved m other directio ns , analysts add. 

; Part of Morocco’s plan h» been 'to 
attract businesses from wealthier nations 
in Europe, which are anxious to make use 
of Morocco’s burgeoning supply of cheap 
labor. Their operations have helped to 
create employment and stability in Mo- 
rocco. 

* Lifting restrictions on foreign .invest- 
ment, privatizing monolithic stale enter- 
prises, and making the stock market avail- 
able to both domestic and international 
, investors alike have also provided boosts 
•" for the country's market. 

Morocco’s budget deficit, according to a 
'report by Baring Sec uriti e s , hag- been re- 
.dimed from over 13 percent of. GDP in 
198F, to I.7pen*ntbytheeDtfoflastyem, 


wh3e inflation has also fallen significan tly. 
7 These changes, moreover, have been no- 
ticed. Eari ier this year, investment guru 
George Soros met with Faond FDafi — 
King Hassan’s son-in-law and head of 
ONA, Morocco’s leading company — in 
an effort to purchase a 10 percent stake in 
the finri. The interest by the noted inves- 
tor “Put Morocco on the map for a lot of 
people,” remarked Elizabeth Morrissey, 
managing partner for Kidman Interna- 
tional" Consultants in Washington. 

- Mr. Soros was reported to have paid 
540 million for 2 percent of ONA’s snares 
and 15 percent of a financial subsidiary. 


Thomas Caplan, New York-based port- 

Corp., 


folio manager for Bridge Capital 
winch runs the offshore First Morocco 
fund, said that in Morocco, “The potential 


Market Fond Monitor, noted 
that of the few Morocco funds now to 
existence, the Maroc Privatization Fund 
recently led tire pack with a total return of 
15.51 percent for the first half of this year. 
The Casablanca Stock Exchange rose 28 
percent over the same period. 

Another possibility is the Atlas Maroc 
fund, which rose 4.99 percent during the 
three month period ending June 30. Also 
of interest, Mr. Wilson said, is the FramJ- 
ington Maghreb Fund, a closed-end vehi- 
cle now bemg set up. It will be listed in 
Dublin. 

Jean-Marc DuBois, manager of the 
Maroc Privatization fund, said he present- 
ly has “a lot of financial companies” in the 


portfolio, but noted that he is currently 


exists to multiply erne’s money." 

It’s not all gravy, however. Mr. Caplan 


planning to add more shares to the 
later in the year as more privatizations go 


rioted that, at present, the Casablanca 
Stock Exchange has some very illiquid 
shares. So whue particularly well-heeled 
investors might want to allocate a portion 
of their funds to a country like Morocco, 
the market is unsuitable for others. 

For those who can stand the risk, there 
are three ways to get in. — through a 
country fund (which usually includes Mo- 
rocco and neighboring Tunisia), an Africa 
fbiuL with weighting in 'Morocco, or 
through-die purchase of individual shares. 

Ian "Wilson, riditor of the Micropal 


through. 

Indeet 


feed. the current Moroccan plan calls 
for 1 12 oomp«Tii<»« to be put on the block 
over the next year or two, and is expected 
to raise about 522 billion. The privatiza- 
tions wifi add a “major boost” to market 
capitalization, according to a Barings Se- 
curities report. 

Those who want to make their own 
individual stock picks will find there are 
no Moroccan ADRs listed on U.S. ex- 
changes'. However, shares traded on the 
Casablanca exchange can be purchased by 
foreigners through international brokers. 


African Markets r A Complex Mosaic 9 


By Conrad de AetiHe 


S OME OF die strongest 
stock markets tins year 
have been in * region 
mired iri the weakest of 
economic straits; Africa; 

• Several of Africa's barely 
emerged stock markets have 
produced retains this year in 
high double figures, even when 
calculated in U.S. dollars, 
something that markets in few 
other places have been able to 
achieve. 

’ The best performance by far 
is the 91 percent gain in Ghana 
through mid-July. A 70 percent 
increase was recorded in Egypt, 
while Morocco, which has one 
of the better-developed econo- 
mies and financial markers. is 
(he region, was up 39 percent' 

! Betting on Africa is not a sure 
thing, however. Zimbabwe has 
..been a genome stinker, falling 
more than 30 percent sneo Jan- 
uary. And even the strong mar- 
kets in Egypt and Ghana have 
flattened out or turned s lightly 
negative latdy. 

- The gams this year in Africa 
have been fueled by several fac- 
tors, some based on economics. 
Others purely a by-product of 
emotion. _ ' 

■ “A Jot of it was on the back of 
the excitement about South. Af- 
rica, and a lot of it was after the 
general emerging-markets eu- 
phoria,” observed Fiona Tdren, 
who follows Africa few the fund 
managers Foreign & Colonial 
Emerging Markets. “Because 
these are small markets, they 
are quite likely to go unnoticed 
unless there’s some bigger story. 


Then you notice they’re good in 
their own right” 

What makes many of the Af- 
rican slates good, or at least 
better than they used to be, is 
the same sort of economic xe~ 
formprograms undertaken car- 
bo* in Latin America and other 
underdeveloped regions. 

“Public-sector management 
has improved dramatically,” 
said Krai Bucknbr, an Africa 
specialist at Lehman Brothers. 
^Deficits have .been brought 
under control through fiscal 
distipline, and export growth 
has been, strong. In addition to 
that, you've had a liberalization 
of cental, markets;, investors 
have a greater certainty of get- 
ting their money; out once 
they’ve pot it in.” 

Most of those who have com- 
mitted- money, .axe Africans 
themselves, not foreigners with 
deep pockets charing a handful 
cf fisted companies. ~ 
“What’s driving these mar- 
kets is local investor confi- 
dence,” said Elizabeth Morris- 
sey of Kidman International 
. Consultants. “Its not U5. or 
international institutions flood- 
ing in. Most . of them are still in 
the research stage and haven’t 
made allocations yet. 


‘The other thing, just hke 
Latin America in the late 1980s, 
is flight capital returning home. 
That's the best sign of long- 
term market stability. Thars 
what pushed Latin America up 
so m uc h.” 


ers have not been ig- 
however. One 


noting the region,! 
pan-Africa fund trades on the 


New Yoik Stock Exchange, al- 
though it has done miserably 
since being listed in February. 
And global funds are starting to 
sprinkle a bit of their assets in 
Africa. The Foreign & Colonial 
Emerging Markets Investment 
Trust recently had 275 percent 
of its holdings in Ghana and 3.5 
percent in Morocco, Miss 
Tchen said. 


parties, and that gave quite a 
boost to the market.” 

The other star in this regard 
is Morocco, which is “probably 
the most active country on the 
continent at the moment,” said 
Rodney Lord, editor of the 
newsletter Privatization Inter- 
national “They have a quite 
developed program.” 

Despite such successes, many 
African states have been less 
than zealous in pursuing re- 
form, a report by the World 
Bank argues. 

Mr. Bucknor of Lehman 
Brothers concedes that “there 
are several places that have not 


been brillian t" in implementing 
r efo r m s . “There are still poBtii 


One reason the money is 
starting to come in is that mere 
is now aplace for it to go. Many 
African governments, as part of 
their reform programs, are sell- 
ing off state businesses to pri- 
vate investors. 


political 
difficulties in Cameroon. Kenya. 
Algeria and a number of other 
countries. It’s a mixed story. 
There are 52 countries on the 
continent, with a variety of cul- 
tures, economies and colonial 
ties. It’s a complex mosaic.” 


“In those markets that are 
newly opening, it’s very much 
related to privatization,” Miss 
Tchen said. For instance last 
February in Ghana, “the gov- 
ernment sold off part of its 
stake in a number or listed com- 


The Money Report 
is edited by 
Martin Baker 


. f.’-' 'A/t 

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lurnulHiiul HrraU Inbunr 


Israel: Still Reeling 9 or on the Rebound? 


By Christine Stopp 


E MERGING markets gurus have 
started to give buy signals again 
on Israel after a 40 per cent mar- 
ket correction in the first half of 
1994. “Bouncing off the bottom.” said a 
recent bulletin from Foreign & Colonial 
Emerging Markets, for whom a prospec- 
tive 12J price/eamtogs ratio in 1994 of- 
fers “unusual value." 


The experts find it hard to give precise 
reasons for the Israeli market’s sharp fall. 
“The gyrations have been much more sen- 
timentally than fundamentally driven.” 
according to Michael Connors of Barclays 
de Zoete Wedd in London. 


The general effects of worldwide reces- 
sion and indigestion after last autumn’s 
peace fervor seem the likeliest explana- 
tion, say analysts. At the start of this year, 
the Israeli market had been booming for 
four years. 

The Tel Aviv stock maricet is sixty years 
old and had a share capitalization in April 
of 545 billion, similar to that of Argentina 
Or Indonesia. Its U.S. -style regulation and 
computerized operation reflect the high- 
tech nature of many Israeli companies. 
Moreover, the number of companies 
quoted to Tel Aviv has risen from 271 in 
1990 to over 600 this year, and there are 58 
Israeli companies quoted on New York 
exchanges. 


Emerging markets managers are now 
looking at Israel with interest. Though the 


market has obliged with some true emerg- 
ing market-style volatility, it should not be 
classed with the nascent markets in some 
developing countries, say observers. Mr. 
Connors, who manages the new SocietE 
G6n6rale Strauss Turnbull Israeli invest- 
ment trust, said market volatility is not 
always associated with market immaturity. 

Indeed, unlike many emerging markets, 
Israel has a sound business and financial 
infrastructure and a well educated, inter- 
nationally minded population. Conserva- 
tive estimates predict GDP growth of 5 J 
percent for the year. 

The jewel to the crown is the vast expan- 
sion which could be made possible by the 
Middle East peace process. This could 
boost M uslim or Muslim-influenced mar- 
kets around the world such as Indonesia, 
Pakistan and Malaysia. If full peace is 
achieved, much less of GNP will go into 
defense spending. 

Israel's position as a highly developed, 
technically advanced nation, in a part of 
the world where many countries are still at 
a basic stage of development, means it 
could also act as a catalyst in the opening 
up of those markets. 

Moreover, with many resident immi- 
grants from the framer Soviet bloc, Israel 
is well placed to win contracts for rebuild- 
ing the infrastructure of Central Europe. 
The Israeli telecommunications company, 
Bezek, is actively negotiating contracts 
there, as well as in Africa and Asia. Bezek 
is part of the Israeli government's privati- 
zation program, with 23 per cent of its 
stock already on the market. 

Further issues or strategic partnerships 


are also possible: It is rumored that Brit- 
ish telecommunications firms are in seri- 
ous discussions with the company with a 
view to takin g substantial stakes. 

Israel is free of market restrictions for 
foreign investors wishing to invest there. 
There are around 250 Israeli- based mutu- 
al funds, and a growing nucleus of off- 
shore funds, but it is relatively easy for 
larger investors to go in directly. Gains 
can be repatriated with no penalty, pro- 
vided the original investment brought new 
foreign capital into the country. 

Non-residents can also set up an ac- 
count in Israel through an overseas branch 
of an Israeli bank, or by contacting a local 
broker directly. Those not wishing to set 
up an account in Israel could look at the 
New York-quoted companies. 

Mr. Lesser currently likes Electric Fuel 
Crap., which is developing a new car bat- 
tery, and Tadiran Ltd., a supplier of tele- 
communications equipment to Bezek. 

Douglas Polunin, a member of the 
emerging markets team at the Swiss pri- 
vate bank Pictet & Cie., said some of the 
New York-listed companies represent 
“fantastic value.” He was cautious about 
the booming Israeli market at the end of 
last year, but has become a buyer during 
the past month. 

An investment in an Israel fund or in 
directly held equities is only for those who 
can accept the risk of single country expo- 
sure in a volatile region, some warn. “Fine 
for the Jong haul,” is Mr. Connors' ver- 
dict, although he said things could be hair- 
raising in the short term. 


BRIEFCASE 


New: Execution-Only 
Mutual Fund Service 

London-based f inancial ad- 
viser John Charcol is launching 
an execution-only mutual fund 
service. Concentrating on U.K.- 
domiciled funds, the new ser- 
vice will offer investors a dis- 
count on standard mutual fund 
charges. The net effect will be 
that the expensive UX stan- 
dard front-end charge on mutu- 
al funds of five to six percent 
will be discounted by two or 
three percent. 


ing]," according to the firm's 
launch material. 

A spokesman for the firm 
added that international inves- 
tors writing checks denominat- 
ed in major currencies other 
than sterling are welcome. 

For more information, write 
John Charcol Investor Services 
Limited, 10-12 Great Queen 
Street, Holborn, London, 
WC2B 5DD; or call London 
(44 71) 61 1 7000 (7010 — fax). 


Although the firm describes 
its service as “execution-only 
it will offer its clients “rcgular 
best-buy listings combining 
good investment performance 
with cost reductions.” A bi-an- 
nual fund sector report and a 
quarterly valuation service also 
form part of the package. 


**Tbe service has been 
launched in recognition of the 
growing number of experie n ced 
mvestors that do not require 
financial advice, and are 
searching for a suitable alterna- 
tive [to traditional siockbrok- 


Flemings to Launch 
Russian Mutual Fund 

Fleming Investment Man- 
agement Limited has an- 
nounced its attention to join the 
small but determined band erf 
investment managers launching 
mutual funds investing in Rus- 
sia. 

The fund’s investment objec- 
tive will be “to achieve a high 
level of capital growth by bene- 
fiting from the expected re-rat- 
ing of certain Russian securi- 
ties. These investments are 
believed to be undervalued rela- 
tive to their counterparts to 
more developed slock markets 


including a number of Russia's 
Eastern and Central European 
neighbors.” 

“We have been investing di- 
rectly in Russian companies for 
three years and believe that 
there is now an exciting oppor- 
tunity to buy securities in Rus- 
sian companies at prices signifi- 
cantly below their intrinsic 
values." said the fund’s invest- 
ment adviser. James Nicholson 
of Fleming Investments Limit- 
ed. “However, investors should, 
of course, be aware that this is a 


Jersey and application has been 
made to list its shares on the 
Irish Stock Exchange. 

For more information, write 
Fleming Investment Manage- 
ment Limited at 25 Copthal) 
Avenue, London EC2R 7DR; 
or call London (44 71 ) 638 5858 
(588 7219 — fax). 


hi^vrisk market 


fund will be registered in 


Next Week in the Money 
Report: International 

Health Care — Its Costs 
and Opportunities for Indi- 
vidual Investors. 


SIRIUS 

A NEW STAR IS BORN 


fix 4 


RII 


And it’s not out of 

YOUR WORLD. 


Mfwt hank aeentmts to this da\ still don’t pay 
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If vnu would like more information on <r\ 
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-V-iFftase send-ow fedbomstion ‘about SIRIUS scaiurns 


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:-l?A 


Take a Seat, Ken: The Strike Becomes a Reality 


Blake ScH« Kfuim 

The Mariners* Ken Griffey Jr., in a last smash before the 
strike, hit a grand slam — his 40th home run of the season. 


Italian Grand Prix Is Canceled 

PARIS (AP) — World racing authorities on Friday canceled the 
Italian Grand Prix because of safety concerns, and the Italian 
government immediately appealed the decision. 

The cancellation of the race, set for Monza on SepL 1 1, pares 
the Formula One season calendar to 15 races. 

The International Automobile Federation said that it had 
canceled the race because Italian authorities failed to provide 
formal, unconditional safety guarantees as asked on July 26. The 
federation wanted curves in the Monza circuit changed to slow' the 
cars down, which would have required removing 123 trees in a 
public park. 

Cuban Player Seeks Refugee Status 

HAMILTON. Ontario (AP) — Richard Matienzo. a center who 
leads the Cuban team in scoring in the World Championship of 
Basketball, is seeking refugee status in Canada, the Canadian 
Press reported. 

Matienzo, 25, left the team after a practice Thursday morning 
in Toronto, sources told CP, although Cuba’s coach said he had 
not seen the player since Wednesday night. 

“He has been in contact with an immigration lawyer and right 
now he’s making arrangements with Immigration Canada to turn 
himself in," Staff Sergeant John Silloais of the Metro Toronto 
police said. 

For the Record 

Argentina’s World Ciqi striker Claudio Caniggia will sign with 
Bennca, the Portuguese soccer champion, on Monday, the Lisbon 
dub announced Friday. (Reuters) 

Seville, where temperatures regularly reach 40 degrees centi- 
grade (105 Fahrenheit) in the summer, has bid to stage the world 
athletics championships in 1999. (Reuters) 

The newest NBA expansion team will be known as the Vancou- 
ver G rizzli es. The Canadian team, awarded an expansion fran- 
chise for the 1995-96 season, bad originally chosen Mounlies as 
the team's nickname, but ran into trademark problems. (AP) 


By Robert McG. Thomas Jr. 

New York Tima Service 

NEW YORK — Baseball’s bright April 
hopes for a glowing October have faded 
into an August gloom. But not before Ken 
Griffey Jr. had hit a grand slam for his 
40th home run, Tony Gwynn bad got three 
more hits. Randy Johnson got 15 more 
strikeouts and the Cincinnati Reds had 
“clinched” the first championship of the 
National League’s new Central Division. 

As the 1 994 season went into strike, fans 
across the United Slates were given a series 
of dramatic farewell reminders of what 
they mil be missing in the weeks ahead, 
among them a cliffhanger at Yankee Stadi- 
um, where the Toronto Blue Jays beat the 
Yankees, 8-7, in 13 innings. 

Despite the loss, the Yankees — who 
finished with a 70-43 record and a .619 
winning percentage, the best in the Ameri- 
can League and the team’s best since 1980 
— “won" the American League East for the 
firsL time since the strike season of 1981. 

The Chicago White Sax and the Texas 
Rangers won the Central and West divi- 
sions, and the Montreal Expos, who lost to 
the Pittsburgh Pirates on Thursday night 
but still finished with the best record in the 
majors, 74-40, claimed a division title in 
the National League with the Los Angeles 
Dodgers and the Reds. 

Playing out their season in a Philadel- 
phia rainstorm, the New York Mets bat- 
tled the Phillies almost into Friday before 
losing, 2-1, in the bottom of the 15th. 

So what began with fanfare in April as 
the first major-league season with three 
divisions in each league came down to the 
wire with some races in doubt to the very 
premature end. 

What might have been the final day of 
baseball produced some instant champions, 
cut off some dramatic runs for individual 


SCOREBOARD 


accomplishments and froze the season's 
three holiest races, all with special signifi- 
cance in the new divisional alignment. 

Despite 12 strikeouts by Jose R ijo, the 
Reds, who began the day half a game 
ahead of the Astros in the National 
League's new Central Division, gave 
Houston an opening for first place with a 
2-0 loss to the Dodgers in Cincinnati. But 
the Astros failed to take advantage. 

Playing without Jeff Bagwell, who was 
leading the majors with ! 16 runs batted in 
before he broke his left hand Wednesday 
night, the Astros fell to the Padres, 8-6. 

Gwynn, the Padres’ outfielder who en- 
tered the game with a J91 average, came up 
three hits short of reaching the .400 mark. 
Foe all that, Gwynn, who needed a 6-for-6 
afternoon to finish at an even .400, went 3 
for 5 as he raised his average to J94. 

“Never in my wildest dreams did I think 
I’d get this dose to .400,” Gwynn said. 
“But getting an agreement is more impor- 
tant than hitting .400." 

The shortened season might also cost 
Albert Belle of Cleveland and Frank 
Thomas of the White Sox- a chance to 
continue their efforts to become the first 
player since Carl Yastrzemski of the Red 
Sox in 1967 to win the Triple Crown. 

As Belle's season apparently came to an 
end, he stood second in batting average 
(.357), third in home runs (36) and tied for 
third in runs batted in (101). 

Thomas was third in average (.353), sec- 
ond in home runs (38) and third in runs 
batted in (101). 

The strike also brought a merciful end to 
one of the weirdest races in the history of 
baseball, the battle between the Rangers 
and the Oakland Athletics for the dubious 
distinction of becoming the first team with 
a losing record to win a division. 

With Texas idle and entering the day 


with a 52-62 (.456) record, half a game 
ahead of the A’s, the Rangers were forced 
to wait until the very last out of the very . 
last game of the day to find out that they 
had “won" the AL West (at .457). 

Griffey's grand slam helped the Mari- 
ners won at Oakland. 8-1, preserving the 
Texas title and eliminating any need for & 
phantom one-game playoff. Johnson 
raised his major-lea guedeading strikeout 
total to 204 as Seattle “finished" with a six- 
game winning streak. 

Anticipating a long off season, players 
discussed their plans and defended -die 
strike. 

“This might be it for me,” said 37-y ear- 
old Brett Butler of the Dodgers. “I don't 
want to do this. Tm losing 519,000 a day, 
and it's money I won't get hack. But for all 
the Catfish Hunters and Andy Messers- 
miths who did it for me, it’s my responsi- 
bility to do it for the kids coming up." 

The Reds' Rijo agreed. “It made me a lot 
of money in 1981,” he said. “Now it’s my 
tuzn to do it so somebody else can make 
the money.” 

The players, generally derided as 
“greedy,” seemed to be the targets of 
choice among fan signs and such at the 
day's games. 

For all the strike’s impact on division 
races, the demise of the season had reper- 
cussions for teams players not in uniform 
on Thursday. 

For Matt Williams of the San Francisco 
Giants, whose team did not play Thursday, 
tite season ended on Wednesday, qualify- 
ing him for a question mark following an 
asterisk in the record book. 

For during the game against the Cubs in 
Chicago, Williams hit his 43d home run of 
the 115-game season, putting him on an 
exact pace to match Yankee Roger Mans’s 
record 61 homers over 162 games in 196 I.. 



Rob KontfcfUliKn 


Major-league baseball paries — dosed for the duration. 


ers 


Agree to Restart Talks 
(Meanwhile, the Minors) 


Major League Standings 

AMERICAN LEAGUE 
EastDMltan 

W L Pet. 
New York 70 43 419 

Baltimore 03 4* 563 

Toronto 55 60 .478 

Boston 54 01 .<70 

Detroit 53 «3 M\ 

Central Divtatoa 


CMCOBO 
Cleveland 
Kansas City 
Minnesota 
Milwaukee 

Texas 

Oakland 

Seattle 

California 


*7 4 6 SM 

66 47 584 

tv 14 SI 30 

i S3 M .469 

9 S3 62 .441 

West Division 

S3 62 -456 

51 43 Ml 

At a 438 

47 48 409 

NATIONAL LEAGUE 
Ea» Division 



W 

L 

pa. 

GB 

Montreal 

74 

40 

M9 

— 

Atlanta 

U 

44 

5)4 

4 

N«w York 

55 

58 

AS? 

llto 

PMkNtoiphla 

54 

61 

An 

20V) 

Florida 

51 M 

Central Division 

A43 

23to 

Cincinnati 

44 

48 

sn 

— 

Houston 

48 

49 

5)4 

Vl 

Pittsburgh 

S3 

41 

-445 

13 

SJ. Louis 

53 

4) 

-445 

13 

Oika go 

49 44 
West Division 

-434 

UK* 

Los Angelas 

58 

56 

309 

— 

San Francisco 

i 55 

40 

AK 

3V» 

Colorado 

53 

46 

A53 

4V» 

SanDtaoo 

47 

70 

An 

12V, 


Thursday’s Line Scores 

AMERICAN LEAGUE 
Toronto HMO It! Rl M II I 

Now York Hit Nl MO Ml K * 1 

(13 I ravings) 

Hentnen, Co* (7). William* 110), Hall 1121 
and Banders; Perez, Wldunan (7), Howe DO), 
Ausanta (ii) and Stanley. Lsryrtlz (5). 
W— Hall, 2-3. L— Ausanta. M. H Rs— Toronto, 
Curler (27), Sprague (II). New York, Tarto- 
bvll (19). 

Mllwcwkoc K3 IN no— ID n i 

Detroit 283 MO BW— S f 2 

Wmenan. Orosco (71 . Mar antes (81, Llerd 
(9) and Nilsson. Vo lie (8); Moore. 5.DavH 17), 


Groom <t>. Go-Hcnrts is), Bocver IS) and 
Tettleton. W — Or osc o. 3-1. L — Davis. 2-4 
HRs— Milwaukee, OTjeary (2). Detroit, Ptili- 
Bos (19). 

Seattle 848 810 N9-8 11 1 

f 2*0 081 800—1 4 0 

Johnson, ram Wilson: Darling, Welch (4), 
Acre til. an saw (». l Bluer (9) and Steto- 
boeft. W — Johnson. 114. L— Darling. 10-11. 
HRs— Seattle, Griffey (40), Anthony (10). 

NATIONAL LEAGUE 
Los Angeles OH 010 000-4 5 • 

anctamall ON ON BOO— • 7 o 

Martinez and Main; Rllo, Carrasco (9) 
ondTaubenseo.W — Martinez, 12-7. L — Rllo, 9- 
6. HR— Los Angeles. WOltodi (32). 

San Diego 302 in llo— I 17 2 

Houston ON ON 300-4 9 1 

Hamilton, PMorttmrz (7), Sanders (7), 
Hoffman (8) and Johnson; Swindell, Veres 
(3). Reynolds (5). Powell IB). Hudek (!) and 
Eusebio. Servats (8). W— Hamilton. M. 
L— Swindell, 4-9. Sv-Hoffman (20). 

HRs— S ot Diego. Bell (14). Houston. Ban (4). 
AttWlta 10* 031 033-13 20 1 

Colorado ON ON Ota- • 3 4 

GAiaddux and JJLomz; Painter. Blair (4). 
Harkov (7), B.Ruffln (U, Reed (9) and Gir- 
ard). w— Maddux, 14*. L— Pointer, 44. 
HRs— Atlanta, McGrltf 134), Justice 119). 
Montreal ON ON OBO-O 5 2 

Pittsburgh 030 ON B2X— 6 11 0 

Henry. Shaw (*), Scott (8). Heredia 18) and 
Webster; ZSmWi and Porrlsh. w— ZJmlffu 
1M. L— Henry. 8-3. 

St Leu Is SN 8M 10-0 9 0 

Florida ON 222 ee— 4 13 0 

Urban l, Rodriguez (4). Pamelas (7) and 
Poono a l; Row. Aquino l6).YJ*erei (7) and 
Santtaad. W— UrtxwL 3-7. l — ropp. 741 . 
5 v— Patadas ID. HRs-5f. Uxrts. GJlftcy (*), 
Lankford (Wi. Wtriten (14). Pugnattl 17). 
Florida. Sheffield (27), Cotanmn Ml. 

Hew York 000 IN OH ON 800-1 9 1 

PfiS. M III M M 0»l— 2 It t 
(IS lonfuas) 

Jaaome. Mason (0), Unton (10). Gunderson 
(101. Gazzo (12) end Stinnett.' Valenzuela 
Jones 19). Bor kmd (11 ). Edens l M) and Pratt. 
W E dens. 5-1 L-Gazza 34 HR— New York, 
Undemon (7). 

The Michael Jordan Watch 

THURSDAY'S GAME : Jordon went 1 -tar-2 
Hi me Borons* 34 loss to Huntsville. He strut* 
out once, walked once, singled and stole a 
base. He had two outwits. 

SEASON TO DATE: Jordon (3 batting .791 
(75-for-3?21 with 34 runs. MdouMea one triple. 



w 

L 

T 

Pet 

6B 

Yarnkni 

54 

41 

0 

568 

_ 

OwileM 

49 

44 

0 

514 

5 

Hrauhki 

48 

4) 

D 

AK 

7 

Hlrmfikma 

45 

48 

0 

AM 

8 

Yakuit 

44 

49 

0 

ATS 

9 

Yokohome 

43 50 a 
Fridays Rnutts 

Ml 

to 


YQfnJurl 9. HonsNn 2 
Qhuftldi! 3, Yokohama 1 
Hiroshima 5 , Yakut! 2 

Pacific League 



w 

L 

T 

PCL 

GB 

setou 

52 

« 

0 

£65 

— 

Orix 

50 

40 

1 

556 

1 

Klntotsu 

51 

41 

1 

554 

1 

Data) 

52 

42 

1 

553 

1 

Lotto 

37 

57 

0 

JW 

14 

Nippon Ham 

3$ 57 3 

Friday's Results 

JN 

17 


two home runs. 44 RB is, 41 walks. 103 strike- Las Vegas 2 3 0 137 Ml 4 

outs and 24 stolen bases In 42 a t te n nits . He has Saskatchewan 2 3 0 129 149 4 

193 putouts, five as si sts and 10 errors as an Thursday** Games 

outfielder. Winnipeg 59, Ottawa 41 

British Columbia 54. Toronto 39 

Japanese Leagues 


European Scores 

CUP WINNERS’ CUP PRELIMINARIES 
Thursday's Results 
Fwencv wu s 6, F91 DMdetons 1 
Berry Town d Zhalglris vuntas 1 
Sandavar llratlarfelag 0. HJK Helsinki 5 
IBK Krflavlk l Maceabi Tel Aviv 2 
Bmgor a Tatnei Presow 1 


BASEBALL 
American League 

BALTIMORE— Optioned Armando Beni- 
tez. Pitcher, to Bowie, EL- OgttoMd Arthur 
Rhode* pitcher, to Rochester, IL. Recalled 
Tom Bolton, PHchor, from Roche s ter. 

BOSTON Sig ned Brian Rose, aftcher, raid 
assigned Mm to Fort Myers. Florida State 
League. Assigned Andv Tamberifo, outfield- 
er, to Pawtucket, I L. 

CLEVELAND— Optioned Abie Lanes, 
pitcher, to Charlotte; il. Sought contract* of 
Russ Swan, ottdwr, and Rene Gonzalez. In- 
ftoktor, (ram Charlotte. 

KANSAS CITY— Released Dan Rohrmeler, 
outfielder, from Memphis, M_ 

MINNESOTA— opffcmed Dave 5 tavern, 
pitcher, to Salt Lake City, PCL . 

NEW YORK— Optioned Starling Hitchcock, 
pttcner.toColtimbus. IL. Activated Xavier Her- 
nondet, pitcher, from 15-dav disabled ltd. Op- 
I toned Joe AusenUv pitcher, to Cotontouia ll_ 

TEXAS — Optioned Jcmas Hunt, plfcfter, to 
Tuba. TL 

TORONTO— Optioned Domingo Cndenc, In- 
fielder, to Syracuse IL, 

Monona! !oqpoi 

CINCINNATI— apttanod Kevin Jarvbt 
pitcher, to Indkrapolls, AA. Called up Rob 
Dtotne, pitcher, from Indtanapotls. 

COLORADO— Optioned Lance Pointer, 
Pitcher, to Colorado Springs, PCL. 

LA. DODGE RS-OptlMMd Ismael wide* 
pMriwr. to Albuaveruiia, PCL 

NEW YORK — Optioned Jemmy Bumtfz. 
outfielder, and Fernando Vina, Inf letter, to 
Norfolk, IL Activated Kevin Me Reynold*, 
outfielder, and Jeff MeKnMifc Mtoktor, from 
15-ttav disabled Hst. 


Setou 11 , Lotte 7 
Orix 3. Kintetsu 2 
Dotal & Nippon Ham 0 

World Championships 

QUARTERFINALS 
Japan A T ahtan 5 
Cuba 15, United Slates 2 
Nicaragua in, Panama 3 
South Karoo 11 Italy 2 


CFL Standings 



W 

L 

T 

PF 

PA PH 

Baltimore 

4 

2 

0 

184 

171 8 

Winnipeg 

4 

2 

0 

241 

224 8 

Ottawa 

2 

4 

0 

200 

204 4 

Toronto 

3 

4 

8 

191 

225 4 

Hamilton 

1 

5 

8 

134 

191 2 


0 5 0 

Western DMston 

93 

777 0 

BrlLCnlumWa 5 

1 

0 

244 

TO ID 

Calgary 

5 

1 

0 

238 

116 10 

Edmonton 

4 

I 

0 

ISO 

115 8 

Socromontu 

3 

3 

0 

124 

172 4 


. The Associated Press 

NEW YORK — Negotiators 
for major-league players and. 
owners agreed .to suux talking 
again Friday, just hours after 
the baseball strike began. 

A session was called less than 
12 hours after the strike began. 

The players walked out on 
one of the most exerting seasons 
in decades after Thursday 
night's games. 

Soon after their offices 
opened Friday, the National 
League and the American 
Leagues issued statements that 
officially canceled all games — 
seven in each league, all at 
right. 

Even though the major lea- 
guers tie on strike, it's still pos- 
sible to see a Griffey hitting, a 
Ryan pitching and a Luzinski 
slugging. They’re all in the mi- 
nora. 

And then there’s the Michael 
Jordan Watch. (See Score- 
board) 

A look at some of players in 
the minor leagues, whose sea- 
sons finish lip the first week of 
September: 

- • Reid Ryan, Hudson Valley 
Renegades, New York- Penn 
League. Nolan Ryan has quiet- 
ly popped into town to watch 
his 22-y car-old son pitch in his 
first season as a pro Picked in 
the 1 7 th round last June by his 
dad’s Texas Rangers, the young 
Ryan does not have the fastball 
of his father; then again, who 
did? Even so, the ri ght- hander 
was 3-3 with a 2.88 ERA after 
10 starts, with 41 strikeouts in 
59 1-3 innings in Class A. 

• Craig Griffey, Jacksonville 
Suns, Southern League. He’s 
strictly a right-hander and plays 
sJap-and-run, rather than slug- 
and-trot Still, there are times 
when he chases balls in center 
field that he looks like his fam- 
ous brother, Ken Jr. Craig, 23, 


was batting .223 in his first year 
for Seattle's Double-A team. 
He’d also used his speed to 
score from First base on a single 
hit to Bir mingham right fielder 
Michad Jordan. 

• Glean Davis, Omaha 
Royals, American Association. 
When he was cut by the New 
York Mets in spring training, 
many figured his career was 
over. At 33, however, he's hung 
in and has had a productive 
season for Kansas City's Triple- . 
A dub, hitting 19 home runs 
with 70 RBIs. Whether he’ll 
ever hit 30 homers with 100 
RBIs, as he once did for Hous- 
ton, remains to be seen. 

• Leon Durham, St Paul 
Saints, Northern League- Hop- 
ing for one more chance at age 
37, the framer Chicago Cubs 
first baseman was batting -250 
with nine homers in the inde- 
pendent league, whose talent 
level is somewhere between ad- 
vanced Class A and Double-A. 
Until recently, he was hitting 
against the likes of Oil Can 
Boyd, who had a 1.89 ERA be- 
fore retiring this week because 
of another blood dot in his 
shoulder. 

• Spy Ashley, Albuquerque 
Dukes, Pacific Coast League. 
The Los Angeles Dodgers al- 
ways seem to have some young 
slugger In the minora, ana Ash- 
ley is the best of the current 
crop. The 24-year-old outfielder 
went into the week hitting 344 
with 27 home runs and 83 RBIs, 
and was -looking for another 
late-season call-up. Because of 
the strike; he might spend the 
whole year in Triple- A. 

• Ryan Luzinski, Vero Beach 
Dodgers, Florida State League. 
The Dodgers think their No. 1 
draft pick in 1992 might some-* 
day hit like his father, former 
All-Star Grog. So far, he's bat- 
ting 352 with nine homers in 
Class A. 


CALVIN AND HOBBES 





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By Lany Do rman 

ft* York Tima Senkg. ' 

TULSA, Oklahoma — There 
is never a winner after the first 
round of a golf tounuancnt»~bat 
a definite favorite emerged after 
ihat opming act of tfcPGA 
Qiampionshqx If thwg a con- 
tinne the way they started, the 
champ ion come Sunday wiHlje 
Southern Hills Coun try Club. 

On an almost perfect day for 
scoring, with light winds and a 
slight doud cover, the best field 
of this or any other year ran 
into a' subtle buzzsaw at South- 
ern Hra on Thursday. - 

Colin Montgomerie of Scot- 
land and Nick Price of South 
Africa shot three-under-par 
67s, Mod fen a ono-stroke lead 
over Ernie Els, Ian Woosnam, ■ 
Phil Mickdsonand Fred Con- 
pies, and indicative of just how 
touch the old course can be. ' 

“It’s a tough, tough course 
and not to dtop a shot is impor- 
tant to me,” said Montgomerie 
of his bogey-less round. “To go 
18 holes without mating a mis- 
take, Pm happy with that” 

That was a bit of understate- 
ment from Montgomerie, who 
is emerging as a . canristeut 
threat in the major champion- 
ships. 

A vary straight driver of the 
ball, something that is impera- 
tive on the strategic, tree-lined 
layout, Montgomerie lost in a 
three-way playoff at this year’s 
U.S. Openand came very dose 
(third) at the 1992 U.S. Open. 
He missed Just one fairway on 
Thursday, that one by only one 
foot, ana was firing his iron 
shots right at the flagstick. 


Ihfr dMficufcy-of .the greens 
— mainly , because of subtle 
breaks and spike marks — kept 
the seores mgh, but it didn't 
keep : the game’s best players 
from dimwng on the leader 
boariL Erices the British Open 
winner, tied with Montgomerie 
and led the rcignmg U.S. 
Opea dwmpum; Copies and 

' The playm ate downplaying 
the most obvious angle to 
emerge from tbe first, day, that 
being the possibility of a sweep 
of the four Grand Slam events 
by non-Americans. Non-Amer- 
icans'have won the Masters and 
U5. and Britishopens, an un- 
precedented adrievnbent, and 
now they are the top three in the 
yearV final major champion- 

ship. "V 

“I thank the whole thing has 
definitely been- overstated," 
said Tom Watson, who himself 
is in contention with a 69 . that 
would have been lower if — 
stop ns if you've heard this be- 
fore — be had been able to 
make a Jew more short putts. 
“It's a world tour now. We're all 
golf era.” 

.They were all golfers with" 
their handsfull Thursday. Wat- 
son missed three short putts, 
and Montgomerie missed four 
very makable bin&eputts that 
could have ^vea him a big head 
start on the field.. 

In an odd way, the condition 
of the green s might wind up 
beromixig an advantage to Wat- 
son. Because of the intense heat 
in the summer, the bent grass 



Honors to Gunnell and Jackson 


' " \v. t* 

; ; v 

V* A' " 

mm. 




Gary C. CmksjJtJBOW' 

Nick Price, first round co-leader, coping with rite heat 


greens have to be watered dur- 
ingplay to kero than alive. 

That slows mem down and 
causes (hem to spike up, and 
Watson feds that it could em- 
bolden a putting stroke that has 
become tentative an the faster 

majrvr championship greens. 

That question, of course, 
won’t be answered until the 
weekend. But a host of other 
fascinating questions are being 
raised, chief among them: 

• WtD Mkkelson, 24, match 
up with Els, 24, to settle which 
is the best young player in the 
world? The edge is to Els. 

• Will tbe golf course get eas- 
ier or harder? When you assem- 
ble 47 of the top 50 players in 
the world, you would expect 
more than 12 players to be un- 
der par, even if the event were 


being staged across a live mine- 
field. 

• Can Price, the winner of 15 
events worldwide since he won 
the PGA Championship two 
years ago, take back-to-back 
majors, something that hasn't 
been dime since Watson won 
the United States and British 
Opens in 1982? 

• And what to make of 
Montgomerie, who withered at 
the UJj. Open with a 78 in the 
playoff. Is be the genuine arti- 


First-Round Scores From the PGA Championship 


COfa Montgomerie 

34-3S- a 

Mw Lon err 

- 33-37—72 

Tam Loft men 

3835-37 

POfTfck O’Brien 

T7-30-7* 

Nkk Prion 

35-32—67 

Donato Hammond 

3*34-72 

Lee Jansen 

3*34—73 

Ranald MeSauool 

3*04—74 

PM NUctotan 

35-33— M 

Bob Estos 

3*34—72 

Billy Mayfair 

3*04—73 

Hal Sutton 

3*37—74 

Ian Woosnam 

32-34— « 

Jatot. Daniel 

3537—72 

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Ban CrauMw 
Jcfl Shimon 
Dovkf Fr ost 
Gar/ Hedbn 
John Inman 
Cram Sluder. - 
Andrew Magee 
Way Sloan 
Cbw Fwb 
Barnr Lana 
dm Day 
Blc* Fehr 
BUty Andrade 
Mark Jamas 
Daw Barr 
Joy Haas 
Greg M o rmon 
John Coe* 
Grew Jama 
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BUI daman 
Jamba Draw 
GO Morgan 


ACROSS 
l A orient Yemen 
6 Domain 

11 Bask wage 

la Closes the gap? 

21 Certain angler 

22 Mrs. Banks of 
“Father of the 
Bride" 

23 Red dye 

24 Prohibit 

25 House of the 
Seven Gables 
site 

‘ 36 Imitate Crosby 

27 Scholia 

28 Like caramel 

29 ‘Smiler’s goal? 

31 ‘Smothering? 

33 Pinfold 
residents 

34 Blond 

35 Is forthcoming 

39 Goggle boxes. 

so to speak 

42 Scudded 

43 Demesne 

46 Bom 

47 Compass dir. 

48 Knolls 

51 Details handler 

52 Like a rainbow 

54 “Dreams and 
Projects" 
author 

55 Galahad's 
mother 

56 spout 

(house pan) 

58 “Eight Days 

59 Bikini part 


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Dudley Hart 


Larry M» 

Davl* Edwards 
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Bra* Ancon 


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JeBray Mt 
Hfc* Faria 
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John Daly 
Doris lave III 


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Petar Senior 
Grao Kraft 
Leaato dement, 
Scott Hoc* 

Todd Smith 
Jerry Wta. 

Darid Gnftm 
Wayne Grady 
Dicky Pride 
Scott Simpson 
Brett Ortc 
AUke Heinen 
Hale inrin 
Larry Mellon 
Paul Aztaeer 
Thomas Gray 
Watt Chapman 
Tony Johnstone 
Bros F Motor 
Sandy Lyle 
Kerin Cnttwwm 
Ran PMto, Jr. . 
Rick Acton 
Brad Bryant 


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Bob Twav 
Richard Zokol 
Mike Sortodcr 
Brian Henalnaer 
John Lee 
Scott WHHoras 
Will F rantz 
Eddie Tama 
Bruce Zobrlskl 
Jolt Maaesri 
Mar* Brooks 
John Huston 
Kenny Perry 
Save Ballesteros 
Scott MaMbera 
Jock MicUoas 
mmt Parnerik 
Arnold Palmer 
Brad Starfy 
Scott Stow 
Jhn Whtte 
Mlauel B toman 
Steve Smltha 
Georue Bowman 


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'SPLAY By Deborah Kathryn Trombley 


60 Stuck (to) 

61 ‘Swine 
enthusiast? 

64 Spam’s del 

66 EmiHa's 
husband 

67 Let out, perhaps 

69 Like of 

buffalo 

70 Pierced 

71 Mountain 

72 Sweetheart, in 
Savoie 

73 Sagacious 

75 Proofs 

76 Dowers 

79 Unified 

80 Most dolorous 

82 Cleopatra's 
Needle, for one 

84 Running, but 
not getting 
anywhere 

87 Catches ; 

88 Uffizi contents 
»1 PuHtzer- 

winning 

composer 

GeorgeetaL 

92 Parisians think 
of them 

93 Up the bet 

95 'Part of* Civil'. 
War signature 

96 Contemporary 
author Canm - 

97 ’Slavish • 
account? 

99 Ancient Roman 

HP vm .■ 


Solution to 


Pmde of August^ 7 


UHI ®ll 

1W 

p^pvyi 


100 Dale’s favorite 
cowboy 

W1 lightens up? 

103 Stake 

104 They can be 
mental 

105“Hey— !“ 

106 .City on the 
Rhone 

107 Belted - 
109 Finn _ 

111 Diminutive 
suffixes 

112 Centennial 
State: Abbr. 

113 Actor James 

115 Noted Warhol 
subject 

116 Tee neighbor 

117 Cabbie's-query 

119 Verify ; 

120 Tenure of John 
Paul II 

123 ’Stogoff? . . 
125 .'Smart money? 

DO Onetime 
Clinton cause 

133 Ammonia 
compound 

134 Ship’s shipment 

135 The Supreme*’ 

“ »• 

Symphony” 

136 Nearby 

137 Twerps 

138 Test 

139 Standards . . 

140 Chutzpah 

141 “Swell* 

142 Words between 
. Friends 

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Congress 

2 Make whole . 

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... Fitzgerald 

4 Warning 
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10 fttch 

11 jHiviirgenlwh 

12 Tbe 

- Monster 

T3. Up and around 

14 Claim 

15 Settle snugly 

16 Ordained 

17 Visibly 
frightened 

18 Mapabbr. 

19 Immediately 

20 Bond, for one 

30 — — to the 
finish 

32 Sneak . 

34 Rage 

’ 36 "Scornful book? 

37 Nut G, PCS, R 
orX 

38 life 

• 39 Sptmk house? 


40 Country homes 

41 ^Shah’s palace? 

44 Relishes 

45 Row 

49 Prefix with type 

50 Sonnet’s end 

52 Kind of 
ceremony 

53 Tear 

57 Sianung.e-g. 

58 “ Good 

Men" 

59 Treasure 
Island" captain 

Billy 

62 Besmirch 

63 Polish 

64 Burdens 

65 Blurbs 

67 Make of 

(muddle) 

68 7.92 inches 
70 Overhang 

72 Tabloid cover 
topic, maybe 
74 Golfers goals 


75 Vitamin amts. 

77 Mollify 

78 Moves furtively 

81 Patient one 

82 Unsealed, in 

poesy 

83 Affiance 

85 ex 

machina 

86 Lowly laborers, 
in slang 

89 Fills a vacancy 

90 Ribs 
92 Key 
94 Colony 

member 

95Collectrvc abbr. 

98 Diet 

99 Some 
amorousness 

101 Prefix with lype 

102 Permissive 

104 Spanish 
composer 
Alheniz 

105 Ground 
hemlock 


106 Cellophane 
substitute 
107- Most gnseous 
108 Auberge 
120 Puts to good 
use 

113 Actress Blake 

114 Uncrowded 
218 Queue after Q 
1 19 Hawn film 

“Bird on " 

12! Spirogyno 
122 Bumpkin 

124 New World 
abbr. 

125 Specialty of 
3- Down 

126 Pound 

127 “Came lot" 

co-star 

128 Herds of 
humpbacks 

129 Celtic tongue 

130 Acire»Grey 

131 Basketball's 
SapcTMcin 

132 Infavorof 


There could be no better 
place or time to settle the issues 
than right here, where shotmak- 
ing win be at a premium and 
where, unless the conditions 
change dramatically by the 
weekend, things will not degen- 
erate into a putting contest. 


By las Thomsen 

IniBTtaliona} Herat! Tribune 

HELSINKI — Billed once as 
a major meeting, the wayward 
European Championships have 
become a testimonial to tbe 
continent’s best athletes: in 
thanks for their hard work and 
good will internationally, so on 
and so forth. Thus were Sally 
G unnell, Colin Jackson and 
Hdke Drechsler so honored 
Friday. 

Gunnell won the 400-meter 
hurdles enormously easily in 
5333 seconds — well behind 
her own world record of 52.74, 
but even further ahead of the 
distant runnerup, Silvia Rieger 
of Germany, who was running a 
personal best 54.68. Anna 
Knoroz of Russia was third in 
identical time. 

The 28-year-old Gunnell has 
now completed a sort of grand 
slam with the 1992 Olympics, 
the 1993 world championship 
and the 1990 Commonwealth 
title. Her British teammate, 
Jackson, can match her with a 
climactic Olympic gold medal 
two years from now in Atlanta: 
his European title in the 1 IO- 
meter hurdles having come as 
an afterthought. 

All week Jackson made dear 
that be was saving an attempt 
on his own world record for the 
Golden Four meeting at Zurich 
next week. Even then, he was 
setting championship records 
here of 13.16 seconds in the 
opening heat and 13.04 in the 
semifinal earlier Friday eve- 
ning. Nothing better was need- 
ed for the final, which he won in 
13.08 — comfortably ahead of 
Fionas Scbwartboff (13.16) of 
Germany, who at 2.01 meters is 
the world’s tallest contending 
hurdler, and British teammate 
Tony Jarrett (13.23), who so- 
mersaulted dangerously after 
lunging for the finish. 

Drechsler. the two-time 
world champion, won her 



Frank lilcdcldi Afcncr Frantt Pre.t 

Hdke Drechsler leaping to gold in the women's long jump. 


fourth European gold medal 
(including her world record 
200 -meter title in 1986) with an 
opening long jump of 7.14 me- 
ters. No one dse reached 7 me- 
ters, Inessa Kravets of the 
Ukraine taking second in 6.99, 
with Fiona May of Italy third in 
6.90. 

Drechsler’s German team- 
mate, the 30-year-old Olympic 
champion Heike Henkel, quali- 
fied for the high-jump final in 
her first try at 1.92 meters. Hen- 
kel didn't return to competition 
until last month after the birth 
of her first child in February. 


But even Henkel will find it 
hard to make a more intriguing 
finish than the 3,000-meter 
steeplechase won by Alessan- 
dro Lambruschini. 

The Italians had been run- 
ning out of patience with Lam- 
bruschini, who at 29 had never 
won a major title. In the ab- 
sence of the Kenyans, this qua- 
drennial championship figured 
to be his last grab. 

Just 600 meters in he was flat 
on his stomach — he’d tripped 
over the hurdle. At least it was a 
dry hurdle. 

He was helped up by his in- 


spirational teammate and de- 
fending champion, Francesco 
Panelia, who could be seen 
shouting back at Lambruschini 
as they ran along in last place 
for two laps. Suddenly, as if 
one. they surged into the middle 
of the pack. 

“I give all the thanks to Pa- 
neua, who pulled me up when 1 
fell,” Lambruschini said. “For 
400 meters he was telling me, 
‘Go, go, go!’ And then he was 
the one to change the rhythm of 
tbe race.” 

As if to show him how, Pa- 
neua — who had failed to finish 
the 10,000 meters earlier this 
week — ran madly to the lead 
with two laps to go. Inevitably 
he dropped back, with Lam- 
bruschini taking his place up 
front 

Then, as if in culmination of 
a terrifically insane plan, yet 
another Italian zoomed to the 
lead early in the final lap, and 
Lambruschinj responded to this 
last baiting. Ahead of bronze 
medalist William Van Dijck of 
Belgium (8:24.86) and run- 
nerup Carosi (8:23.53), Lam- 
bruschini won his first major 
title in 8:22.40, running without 
a Dumber taped to his chest He 
completed the victory lap with a 
rubbing of his sore left knee — 
the greatest mistake he ever 
made. 

World champion Trine Hat- 
testad of Norway won the wom- 
en's javelin in 68.00 meters. 
Eduard Hamalainen of Belarus 
held a firm lead with 4312 
points in the decathlon after 
five events, ahead of the 4.351 
of Sweden's Henrik Dagard. 
And defending 200-meier 
champion John Regis of Brit- 
ain, having receiving an ultra- 
sound scan of his injured Achil- 
les tendon, decided to withdraw 
from the British sprint relay as 
well as the meetings next week 
at Zurich and Brussels. 


Hoops Across the Water 


By Michael Richardson 

IniemanonaJ Herald Tribune 

SINGAPORE — No Asian team will 
slam-dunk its way into the final of the 
World Championship of Basketball in 
Toronto on Sunday. But the strong per- 
formances of China and Australia in the 
round-robin portion of the 16-nation 
tournament has confirmed the potential 
of the Asia-Pacific region as the world's 
fastest-growing basketball markeL 
That will mean very big bucks for any 

S oup that can establish a well-run pro- 
ssional league in tbe region, and for 
merchandisers and manufacturers who 
can tap the rising popularity of the sport 
through advertising. 

In 1993, the business empire of the 
National Basketball Association in the 
United States sold NBA shoes, sports- 
wear and a wide range of other consumer 
products worth about $23 billion. 

Sales outside the United Slates 
amounted to about $400 million and 
Asia was the fastest-growing segment 
The region is “a tremendous growth 
area for the sport and for the NBA,” said 
Rob Levine, managing director of NBA 
Asia Lid. in Hong Kong, a unit of NBA 
Properties Inc. of New York, which is 
part of tbe NBA commercial conglomer- 
ate. 

“Basketball is both urban and young 
in terms of participants and consumers,” 
he said, “if you look at Asia, some 40 
percent of the population is under the 
age of 35 and six of the 10 largest cities in 
the world will be in Asia by the turn of 
tbe century.” 

At least three private enterprise 
groups based in Australia, the United 
States and Hong Kong are competing to 
set up the first professional basketball 
league spanning the Asia-Pacific region. 

The Australian group — which calls 
itself the Asian Basketball League — 
appears to be in the most advanced posi- 
tion of the three, although it failed to get 
the necessary approval of the Asian and 
Oceanian basketball confederations in 
time to start as originally Intended in 
November. 

It now plans to start playing in No- 
vember 1995 in a four-month annual 
season with each club playing other 


members twice at home and away. 

The owners of six basketball teams 
from Australia. New Zealand. Singa- 
pore, Malaysia and Hong Kong are com- 
mitted to the league, and talks are under- 
way with potential members in China, 
Indonesia. India and Japan. 

The ABL. which will have its head- 
quarters in Kuala Lumpur, was devel- 
oped by Pacrim Leisure Ply. of Perth. Its 
directors include senior administrators 
of Australia's National Basketball 
League, a thriving professional associa- 
tion with 14 clubs. 

Alan Marshall, managing director of 
the ABL. said in Perth that there were 


Asia-Pacific is f a 
tremendous growth area for 
the sport and for the 
NBA.’ 

Rob Levine, managing director, 

NBA Asia Ltd. in Hong Kong. 


about 20 professional leagues operating 
internationally in North America. Eu- 
rope. South America and Australasia. 

“The ABL will fill a gap in Asia and 
meet demand for a high-profile, high- 
performance regional league, run on a 
similar format to that pioneered by the 
NBA,” he said. “It will have a significant 
impact on the standard of basketball in 
Asia.” 

Each of the six teams in the planned 
league is privately owned and aims to get 
sponsors nip by local and international 
companies attracted by exposure to re- 
gional television and press coverage. 

Australia and Japan have already 
shown bow the sporting and commercial 
appeal of basketball can work in the 
Asia- Pacific region. 

Attendance at National Basketball 
League games in Australia passed the 
one million mark for the first time in 
1993, up from less than 50,000 when the 
league started in 1979. Revenue from the 
league competition is expected to reach 


INTERNATIONAL CLASSIFIED 


(Continued From Page 11) 


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35 million Australian dollars ($26 mil- 
lion) this year. 

Surveys show that one in 10 Austra- 
lians now plays basketball, malting it the 
second most popular participation sport 
in the country among young people, af- 
ter swimming, and well ahead of such 
traditional sports as cricket 

“Basketball has become an in-lhing 
for teenagers in Australia, and both they 
and their parents like watching the 
game.” said Malcolm Speed, chairman of 
tbe National Basketball League. 

He said the same demographic and 
soda! factors that caused basketball to 
catch on in the West were also present in 
Asia. 

The NBA has offices in Japan and 
Australia — the two most well-devel- 
oped and affluent basketball countries in 
the Asia-Pacific region. The NBA has 
2.250 consumer outlets in Japan selling 
its licensed consumer products and gets 
extensive coverage for games on Japa- 
nese television. 

The NBA will open its 1994 season in 
early November with a game in Japan 
between the Los Angeles Clippers and 
the Portland Trailblazers. “That shows 
our commitment to tbe Japanese mar- 
ket,” Levine said. 

The NBA's regional headquarters, 
however, are in Hong Kong, next to 
China, which bas a population of 1.2 
billion and greater basketball potential 
than any other country in Asia. 

Both China and Australia reached tbe 
quarterfinals of tbe world champion- 
ships. China's upset defeat of Spain was 
“a very significant victory for tne region 
because Spain has a long tradition as a 
European powerhouse in basketball," 
Levine said 

Basketball is already reported to be 
the most popular spoil in China. 

“Everywhere you go, there is a basket- 
ball court and people playing,” Levine 
said. “It’s the same in most dties else- 
where in Aria. Basketball is really catch- 
ing on.” 

The regular broadcast of NBA games 
and shows across Aria by local networks 
as well as Star TV and other regional 
satellite broadcasters is helping spread 
the appeal of the game. 


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INTERNATIONAL HERALD itfUBUNE, SATURD AY-SUNDAY, AUGUST 13-14, 1994 


DAVE BARRY 


Plighting a Troth 


Lauderdale, Florida, I officially 
tied the matrimonial knot for 
two consenting adults. It was a 
deeply moving ceremony, and 
the bride looked radiant in her 
temporary teeth. 

You may recall that a while 
back I wrote a column stating 
that I was an offidal notary pub- 
lic in Florida, and 1 was eager to 
commit a wedding. That column 
generated quite a bit of mail, 
including some Ieners from irate 
notary publics who felt that I 
was making fun of nouuyhoocL 
For example, Samuel D. Mi- 
ebak, a notary from West Wyo- 
ming, Pennyslvania, wrote a let- 
ter in which be stated: 
“De faming the Notary Public 
Office is not humorous to me." 
Micbak Anther stated: “A Nota- 
ry was called upon when Colum- 
bus discovered America.” 

I frankly bad not been aware 
of this. I bet it was a dramatic 
moment in notary history when 
Columbus waded ashore in the 
New World: 

COLUMBUS: ... I there- 
fore Haim this iwnri m the name 
of Ferdinand and Isabella of 
Spain. 

NOTARY PUBLIC: O. K., 
so your name is Fernando Isa- 


COLUMBUS: No, I'm Co- 
lumbus. 

NOTARY PUBLIC (getting 
suspicious): Fm gonna have to 
see a photo ID. 

□ 

Anyway, among the other let- 
ters generated by my notary 
column was one from Pat Calla- 
han of Fort Lauderdale, asking 
if Td perform a wedding for her 
and her fianefe, Phil Taylor. Pat 
said she’d asked Phil how befell 
about having me do the honors, 
and he’d said, quote, “O. K." 
Phil is a man of few words. 

I told Pat Td be happy to do 
the wedding. It was an informal 
backyard ceremony, with every- 
body wearing shorts and Ha- 
waiian shirts and Ids, except for 
Pat and Phil’s dog, Maya, who 
just wore a Id. 

The bride was showing great 


composure, considering that 
just a week earlier her dentist 
had extracted her four top front 
teeth, following an accident in 
which she tripped on an electri- 
cal cord and hit the floor face- 
first. 

Music for the ceremony was , 
provided by Jennifer Rud- 
zinski, who played “Here 
Comes the Bride” on a tuba 
with spider webs down inside 
the big hole. (I realize that the 
song is not, technically, named 
“Here Comes the Bride." The 
actual name is “The William 
Tell Overture.”) 

For Pat and Phil, I went with 
a simple ceremony. 1 pointed 
out that it was a solemn occa- 
sion, then turned to Phil. “I will 
now ask you. Phil,” 1 said, "if 
you have a lengthy, heartfelt 
and sensitive statement about 
marriage that you wish to make 
at this time." 

“No," said Phil. 

□ 

Pat also had nothing sensitive 
and heartfelt to say, so I gave 
them some advice on having a 
good relationship. 

“Pat,” I said, “suppose that 
you have taken up virtually all 
the bathroom storage space 
with your skin-care products. 
You need to think about PhiL 
Doesn't he need bathroom stor- 
age space too?” 

“No," said Pat. 

My main advice to Phil was: 
“When you're looking to get 
Pat a nice, romantic gut, do not 
think in terms of tires.” 

After that I read the tradi- 
tional wedding ceremony pro- 
vided by the Florida state nota- 
ry office. At one point it stated 
that Phil and Pat had “pledged 
their troth.” 

“What’s a “trothT asked Pat 
I didn't know, but Pat and 
Phil pledged it anyway. Then I 
pronounced them husband and 
wife, and the tuba struck up 
“The Song They Always Play at 
the End of a Wedding,” and ev- 



From Cocteau’s pictures of an afternoon in a cafe: From left, Ortiz de Zarate, Max Jacob, Morse Kisling, PSquerette, VasflMf and Picasso. 

A Day in the Life of Picasso and Friends 


joyful tribute to the happy cou- 
ple. Also she probably sensed 
that there was going to be food. 
Knighi-Ridder Newspapers 


International Herald Tribune 

P ARIS — Since the camera was invented, people 
have taken summer snapshots. But these were 
different: the photographer, using his mother’s Ko- 
dak, was Jean Cocteau, the subjects his chums, includ- 
ing Picasso, Modigliani, Max Jacob, Molse Kisling. 
The date was Aug. 12, 1916, a sunny Saturday in 
Montparnasse, rather warm at 81 degrees but even 
painters those days kept on their jackets and ties. 

Cocteau’s pictures, 21 of them, were painstakingly 
tracked down and put in order by Billy KJttver, the 

MARY BLUM 

obsessive Swedish-bora chronicler of the heyday of 
Montparnasse. Previously used in his book, “Kilo's 
Paris” and in an American magazine, they are gath- 
ered in a bode with Klttver’s commentary called "Un 
Jour avec Picasso,” published in Paris by Hazan. 

What Klttver has done is put the pictures in 
sequence to trace the mildly larky events of that 
afternoon. By studying the angle of the sun and 
consulting two experts from the Bureau des Longi- 
tudes in Paris, he can time the pictures with preci- 
sion. He also got old maps of the quarter and. to 
calculate the sun's position, took pictures of each 
relevant facade, measured each one, and had some 
problems with occupants who took against his no- 
tion of noting the dimensions of their windowsills. 
With what results? Kluver is unable to explain 


why a munfl fl envelope suddenly appears or why 
Max Jacob’s right pocket was so fiuL 

The pictures themselves are amateurish and 
charming, Picasso as always irresistibly photogenic. 
They start with Cocteau's arrival between 12:30 and 
12:45 at the Rotonde, then a caffe for artists and 
exiles, to have lunch with Picasso. The first snapshot 
shows that by between 12:45 and l P. M. they had 
been joined by the writer Max Jacob, the painter 
Manuel Ortiz de Zarate and Henri-Picrre Rochfe, 
the author of “Jules et Jim” and an important art 
world middleman who introduced Picasso to Ger- 
trude Stein. 

Close to 1 P. M. Picasso extends his arm to greet 
Marie Vassilieff, a painter who during World war 1 
ran an artists’ canteen and served as a volunteer 
nurse, and by picture three she is in the group, an 
earnest black-gowned figure. Picasso is incongru- 
ously holding a fancy walking stick, probably given 
to him by Cocteau to hold while he took the picture. 

The group then moved slightly on, to Baty, the 
favorite restaurant of Picasso and Apollinaire, 
known for its excellent but pricey wines (a glass of 
Q os de Vougeot cost an outrageous 55 centimes). 
Klttver doesn’t know what they ate. Lunch ended at 
2:15 and Rochfe left, fatigued, he noted in his diary, 
by too- witty talk. 

Coffee at the Rotonde and the painter Kisling 
comes along, as does the Poiret model P&queretie, 
wearing a Martian-looking headpiece. At 2:45 they 


leave the Rotonde and Cocteau takes pictures in the 
street 

By now his cane, still held by Picasso, has mysteri- 
ously lost its head. The overburdened Vassilieff 
leaves, as does the hard-working Kisling and 
Kouslri, his dog. The writer Andrfe Salmon and 
Modigliani appear is picture No. 17, at about. 
3:30, 1’icaaso mus t have told a terrific joke in the 
street for Modigliani is, uniquely, smiling. It is the 
first photo in which Klttver has seen him smite. 

He is still smiling faintly in the last picture, in 
front the post office on the Boulevard Montpar- 
nasse. Picasso has left, one doesn’t quite know what 
has happened to Cocteau’B cane It is 4:30. 

A nice, / pwiHuminrniM * aimnw afternoon, ninn t- 
ed by all as such days should be, although when 
Cocteau went home to his mother with his Kodak he 
seemed, from a letter to Valentine Hugo, not to have 
had a very good time in bohemia after all: 
“Nothing very new except that Picasso takes me 
to the Rotonde. I never stay more than a moment, 
despite the flattering welcome given me by the circle 
(perhaps I should say the cube). Gloves, cane, and 
collar astonish these artists in shirtsleeves — they 
have always looked on them as the mark of feeble- 
ness. Too much caffe-sitting brings sterility ...” 
Still, he proudly added. He had taken pictures of 
the group. And it should be noted that bis patroniz- 
ing “moment” had lasted six hours. One only hopes 
Picasso kept the cane. 


people 

Af6M3amEMng 

For 'A Time to EM’ 

Author John Grisham can 
apparently write his own ticket, 
tooFilm rights to his 1989 nov- 
el -A Tone to Kill” have been 
sold to the New Regency pro- 
d action company for mwjan 
$6 ntiffion. This tops tte 53.75 
mflKn a Universal paid nun for 
•'The Chamber” last year. But 
he’s still some millions behind 
the Hollywood record for a 
book adaptation set by Atero- 
dra Ripley. Ripley was paid $9 
mflEoai in 1991 for television 
rights to “Scarlett,” ih© sequel 
lo^Gone With. the Wind." CBS 
plans to air “Scarlett” this fall 
□ 

John Pud Getty 2d offered 
£1 million ($13 million) Friday 
to hdp prevent a treasured Brit- 
ish sculpture bran . being ex- 
ported to the Californian art 
museomfounded by his oil bar- 
on father. Getty pledged the 
money to help keep “The Three 
Graces” in Britain. If Scottish 
and FpgWsh galleries can raise 
f 7 a . million is the next three 
months, matching what the mu- 
scom paid five years ago, it will 
stay at home. 

□ 

AlbertE&stefn bad more on 
his Tmrat tii on fog theory of rela- 
tivity, to judge from love letters 
he wrote to fife future wife MI- 
fera Marie at the turn of the 
century. She was his “dolly," his 
“pussycat,”, his “sweet little 
witch" and without her “My life 
is no life." The letters, pub- 
lished in the August issue of 
Physics Today, are excerpted 
fr om “Einstein, History and 
Other Passions,” by Gerald 
Holton, to be published this 
falL 

□ 

The secret is out. Princess Dfc- 
ana’s hidcawav on Martha’s 


Vineyard ism 
at an 18 th-century 
by the Brazilian ambassador to 
the United States, Tarso Fledn 
de Lima, and his wife, Lada. 
Diana arrived there last week. 


iim»Mnoiw 

CLASSIFIED 

Appear* at Page II 


WEATHER 


POSTCARD 


Europe 


Forecast for Sunday through Tuesday, as provided by Accu-Weather. 


Todw 

Hlflh LZw W 
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LMbon 

26/77 

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North America 
A chfly air moss from Cana- 
da wfl pJirgs souihwan) into 
the Great Lakes this week- 
end and Into the Northeast 
early next week. Scattered 
frost Is likely across Ontario. 
Albuquerque to Salt Lake 
City win remain dry and hot 
Into early next week. 


Europe 

Paris and London will be dry 
and pleasant early next 
week while chUty air brings 
autumnHke weather to Stock- 
holm and Warsaw. Heavy 
rains will shill east at 
Moscow by Barly next week. 
Cooler air will move Into 
southeastern Europe. Sicily 
and southern Italy wtH stay 
hoL 


Asia 

HoL dry weather will contin- 
ue across much of Japan 
Into early next week. 
Typhoon Elite may bring 
wind and rain to Shanghai 
early next week Seoul win 
be seasonable early nexl 
week. Manila will be drier 
than usual wtih some sun. 
Hong Kong will be humid 
wxft scattered rahs. 


Middle East Latin America 

Today _ Torvomm Today Tomorrow 

rflflh Low W teph Low W Mgh IM II Wp Lw W 

OF QF OF OF OT OF CIF OIF 

Mru 33*1 24/75 a 35*06 24/76 ■ BuanoaMraa 17*2 SM3 pc 11(57 4/30 e 

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Damascus 31/00 1S«4 a 36/09 19*8 a Lima 1B64 16*1 pc 10/04 15/50 pc 

Jon/BOhm 30/06 1865 a 32/89 21/70 a MWcoChy 24/75 1263 1 24/75 1355 I 

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WHsitrw, Wee, VN-Waather. Ml mapa, forausta and data provMad by Accu-Woather, Inc. 9 1894 


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Shanghai 

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Chicago 

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33/89 28/70 
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pc 21/70 12*3 ah 
pc 33/vi am pc 


For Lively Vacation Reading, Small-Town Police News 


By Georgia Dullea 

Sew York Tuna Sennet 

N EW YORK — Crime you won’t hear 
about on the evening news: 

• Fourteen geraniums were viciously 
plucked from a planter outside the Top 
Drawer Lingerie shop in East Hampton, 
New Yoric. 

• Those rustic hand-painted mailboxes 
along the dune roads on Martha's Vine- 
yard are disappearing again. 

• In Montauk, New York, they have 
made off with the “Come Back to Mass 
With Us” sign at St Tberfese of Litieux 
Roman Catholic Church. 

For intelligence like this, read the police 
blotter columns in newspapers covering 
the East End of Long Island, the New 
Jersey shore, Cape Cod or other vacation 
havens. More significant crime, should 
there be any, runs in the front of the 
papers, but in the back are the blotters: 
logs of charges, traffic violations and com- 
plaints. They’re the classifieds of crime. 

To big-city people, scanning a police 
blotter in the country can be like poking 


around a flea market Nostalgia arises for a 
time when crime was, well. petty. “In New 
York, it’s headless torsos on the crime 
scene.” said Robert Morton, executive 
producer of “Late Show With David Let- 
terman.” “In the Hamptons, it’s lifting a 
hoagie," he said. “It's vacation crime.” - 

What dty people are seeking is scene 
connection to small-town life, if only for 
the month of August. 

“Police blotters are like, candy," said 
Victoria Ogden, publisher of The Cape 
Codder, a twioe-weekly paper circulating 
in the outer Cape towns of Massachusetts, 

“The outsiders read them to feel like 
insiders, and the insiders, who live here, 
want to know what’s going on. You hear 
the fire engine going by your house, and 
you want to know why." 

A reader of (he blotters in heir paper — 
they’re next to the church notes — can 
almost see the police coming over the 
dunes to carry old people to doctors, break 
up fights in bars, interrupt lovers in illegal- 
ly parked cars, speak sternly to boys 
throwing rocks at sailboats and deal with 


strange anmml emergradesi, like the seal 
stranded on the main street in Province- , 
town.’ - ' - A- 1 

In Beach Havem New Jersey, vacation- 
ers read about purloined crab traps, while 
in Newport, Rhode Island, there is the fist 
of fishermen who have caught more tism 
the legal limit. In Conway, New Hamp- 
shire, it’s a yam about bear cubs in a. tree. . 

For a mix of crime, trivia and celebrity 
by the sea, nothing is quite like the police 
blotters of theHamptons. Sure, there arc 
movie stars in the hardware store arid the 
restaurant of the moment has valet puking 
and the helicopter traffic on Friday nights 
resembles “Apocalypse Now.” But , the 
blotters still convey an iQusion of small- 
town America. • •■'•Wi? 

“ft’s safe and cozy, and usually nc&otiy 
gets hurt," said Susan Isaacs, the writer of 
mystery novels. “For an area of such cefr 
centrated wealth, the burglaries you -read 
about in the Hamptons sound like benmK 
lent breaJting-ana-entering. They take thp 
stereo, but they leave the Jasper Johns.^' 


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